Question 23 Chapter 3 of Class 12 Part – 1 Usha Publication

Question 23 Chapter 3 of Class 12 Part – 1 Usha Publication

4. M, P and Q are partners in 2 : 1 : 3 ratio. Their profits for the last three years were 35,000 in 2017 ;₹ 30,000 in 2016 and ₹ 50,000 in 2015. During 2016 (mid of year) a major repair for ₹ 10,000 was wrongly capitalized to the value of building. Building is depreciated at 10% p.a. on WDV.
Goodwill is valued at 2 years purchase of average profits of last three years after adjusting the profits.

The solution of Question 23 Chapter 3 of Class 12 Part – 1 Usha Publication: –

Calculation of Adjusted Profit
Year	Profit	Adjustments	Adjusted Profit
2015	50,000		50,000
2016	30,000	– 10,000 + 500	20,500
2017	35,000	+ 950	35,950
Total			1,06,450

Average Adjusted Profit	=	Total Profit for past given years
		Number of years
	=	50,000 + 20,500 + 35,950
		3
	=	1,06,450
		3
	=	35,483.33

Number of years’ purchase	=	2
Goodwill	=	Average Profit X Number of years’ purchase
Goodwill	=	35,483.33 X 2
Goodwill	=	70,966.67

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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