Question 25 Chapter 3 of Class 12 Part – 1 Usha Publication

Question 25 Chapter 3 of Class 12 Part – 1 Usha Publication

25. (Average Profits Method/When profits are given) B and C agree to value goodwill at three years purchase of the average profits of the last five years for admitting A as a partner. Profits of the last five years were ₹ 20,000 ; ₹ 15,000 ; ₹ 17,000 ; ₹ 23,000 and ₹ 18,000. Calculate the amount of goodwill.

The solution of Question 25 Chapter 3 of Class 12 Part – 1 Usha Publication: –

Year	Profit
1st	20,000
2nd	15,000
3rd	17,000
4th	23,000
5th	18,000
Total	93,000

Average Adjusted profit	=	Total adjusted profit
		No. of year purchases

	=	93,000
		5
	=	18,600

Capitalised value of the Goodwill	=	Average adjusted Profits x Number of years’ purchase
	=	18,600 x 3
	=	55,800

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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