# Question 12 Chapter 3 of Class 12 Part – 1 Usha Publication

Question 12 Chapter 3 of Class 12 Part – 1 Usha Publication

12. (Super Profit Method) A firm has total assets of Rs.2,50,000 including cash of Rs.30,000.The creditors are Rs.40,000. Normal rate of return is 10% on capital employed. Goodwill of the firm is valued at Rs.1,20,000 at four years purchase of super profits. Find the average profits.

## The solution of Question 12 Chapter 3 of Class 12 Part – 1 Usha Publication: –

Day - 54 | Questions of Goodwill Ch. 3 Partnership - II | Accounts class 12 | PSEB | Sarbjit Singh |

 Capital Employed = Total Assets – Liabilities = 2,50,000 – 40,000 = 2,10,000
 Normal Profit = Capital Employed X Normal Rate of Return 100 = 2,10,000 X 10 100 = 21,000 Goodwill of Firm = 1,20,000(Given)
 Super Profit = Firm Goodwill Number of years = 1,20,000 4 = 30,000
 Average Profit = Normal Profit + Super Profit = 21,000 + 30,000 = 51,000

Comment if you have any questions.

Comment if you have any questions.

End of Solution

## Check Out the Solution of all questions of this chapter:

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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)

## 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