Question 22 Chapter 3 of Class 12 Part – 1 Usha Publication

Question 22 Chapter 3 of Class 12 Part – 1 Usha Publication

22. (Super Profit Method) A partnership firm earned net profit during the last three years as follows :

Year	N/P
2008	1,90,000
2009	2,20,000
2010	2,50,000

Calculate the value of goodwill is 2 years purchase of average weighted profits. The weights are 1,2,3,4 and 5 in the year of 2015, 2016, 2017, 2018 and 2019.

The solution of Question 22 Chapter 3 of Class 12 Part – 1 Usha Publication: –

Year	N/P
2008	1,90,000
2009	2,20,000
2010	2,50,000

Average Adjusted profit	=	Total adjusted profit
		No. of year purchases
	=	1,20,000

Normal Profit	=	Capital Employed	X	Normal Rate of Return
				100
	=	4,00,000	X	15
				100
	=	60,000

Calculation of Super Profit	=	Average Adjusted Profit – Normal Profit
	=	1,20,000  – 60,000
	=	60,000
Calculation of Super Profit	=	Average Adjusted Profit – Normal Profit
Goodwill	=	1,20,000 – 60,000
Goodwill	=	60,000
Capitalised value of the Goodwill	=	Super Profits x Number of years’ purchase
	=	60,000 x 2
	=	1,20,000

ii) Capitalisation of Business :
Goodwill	=	Average Profit	X	100
				Normal Rate of Return
	=	1,20,000	X	100
				15
	=	8,00,000

Goodwill	=	Capitalised value of the business – Average Capital
	=	8,00,000 – 4,00,000
	=	4,00,000

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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