Question 13 Chapter 3 of Class 12 Part – 1 Usha Publication

Question 13 Chapter 3 of Class 12 Part – 1 Usha Publication

13. (Super Profit Method) X and Y have capital of Rs.1,00,000 and Rs.60,000.
The reserve are Rs.50,000 and creditors are Rs.10,000. Normal rate of return expected in this type of business is 10%.
The goodwill is valued Rs.50,000 at two years purchase of super profit. Find out average profits.

The solution of Question 13 Chapter 3 of Class 12 Part – 1 Usha Publication: –

Capital Employed	=	1,00,000 + 60,000 + 50,000
	=	2,10,000

Normal Profit	=	Capital Employed	X	Normal Rate of Return
				100
	=	2,10,000	X	10
				100
	=	21,000
Goodwill of Firm	=	50,000(Given)

Super Profit	=	Firm Goodwill
		Number of years
	=	50,000
		2
	=	25,000

Average Profit	=	Normal Profit + Super Profit
	=	21,000 + 25,000
	=	46,000

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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

Accountancy – Part 2 Class 12 – Session 2024-25 – Solution for free

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication

Advanced Accountancy II Part 2 Class 12 – Solution for free