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VDO+ Tag:Question 10 Chapter 3 of Class 12 Part – 1 Usha Publication
10. (Super Profit Method) A partnership firm earned net profits during the last three years as follows:
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Video Tag:| Year | Profit/Loss |
| I | 17,000 |
| II | 20,000 |
| III | 23,000 |
The capital investment in the firm throughout the above mentioned period has been Rs.80,000. Having regard to the risk involved, 15% is considered to be a fair return on the capital.
Calculate the value of goodwill on the basis of 2 years purchase of average super profits earned during the above mentioned three years.
The solution of Question 10 Chapter 3 of Class 12 Part – 1 Usha Publication: –
| Super Profit | = | Actual average Profit – Normal Profit |
| Average Profit | = | Total Profit for past given years |
| Number of years | ||
| = | 17,000 + 20,000 + 23,000 | |
| 3 | ||
| = | 60,000 | |
| 3 | ||
| = | 20,000 |
| Normal Profit | = | Capital Employed | X | Normal Rate of Return |
| 100 | ||||
| = | 80,000 | X | 15 | |
| 100 | ||||
| = | 12,000 |
| Super Profit | = | Average Profit – Normal Profit |
| = | 20,000 – 12,000 | |
| = | 8,0000 | |
| Number of years’ purchase | = | 2 |
| Goodwill | = | Super Profit X Number of years’ purchase |
| Goodwill | = | 8,000 X 2 |
| Goodwill | = | 16,000 |
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End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication