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Question 8 Chapter 3 of Class 12 Part – 1 VK Publication

Question 8 Chapter 3 of Class 12 Part - 1 VK Publication
Question 8 Chapter 3 of Class 12 Part - 1 VK Publication

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Question 8 Chapter 3 of Class 12 Part – 1

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8. Calculate goodwill at three years purchase of the super profit. The firm was established with a Capital of Rs. 2,00,000. The normal rate of earning in such type of business is 15%. The firm earned Rs. 37,000 as profit during the year.

The solution of Question 8 Chapter 3 of Class 12 Part – 1: –

Normal Profit = Capital Employed x Normal Rate of Return
= 2,00,000 ×15/100 = Rs. 30,000
Super Profit = Average Profit – Normal Profit
= 37,000 – 30,000 = Rs. 7,000
Goodwill= Super Profit x Number of Years’Purchase
= 7,000 x 3 = Rs. 21,000

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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