# Question 2 Chapter 3 of Class 12 Part – 1 Usha Publication

Question 2 Chapter 3 of Class 12 Part – 1 Usha Publication

2. (Average Profit Method) Partner X is admitted in the firm of A and B for 1/5 share. Calculate new partners share in goodwill on the basis of the following information:

 Year Profit/Loss Amount 2011 Profit 30,000 2012 Profit 50,000 2013 Loss 20,000 2014 Profit 40,000 2015 Profit 50,000

Goodwill is two times of the average profit of the last five years.

## The solution of Question 2 Chapter 3 of Class 12 Part – 1 Usha Publication: –

Day - 53 | Questions of Goodwill Ch. 3 Partnership - II | Accounts class 12 | PSEB | Sarbjit Singh |

 Average Profit = Total Profit for past given years Number of years = 30,000+ 50,000 +(-20,000)+ 40,000+ 50,000 5 = 1,50,000 5 = 30,000
 Number of years’ purchase = 2 Goodwill = Average Profit X Number of years’ purchase Goodwill = 30,000 X 2 Goodwill = 60,000
 X’s Share of Goodwill = Firm’s Goodwill X X’s Share = 60,000 X 1 5 = 12,000/-

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