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Updated 12th Standard Accountancy Study Materials 2022-2023 Exams

12th Accountancy - Goodwill In Partnership Accounts - Two Marks Study Materials 8682895000 Jan-22 , 2020

Goodwill In Partnership Accounts

12th Accountancy - Goodwill In Partnership Accounts - Two Marks Study Materials

Goodwill In Partnership Accounts - Two Marks Study Materials

12th Standard

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 28
    14 x 2 = 28

  1. A partnership firm has decided to value its goodwill for the purpose of settling a retiring partner. The profits of that firm for the last four years were as follows:
    2015: Rs. 40,000; 2016: Rs. 50,000; 2017: Rs. 48,000 and 2018: Rs. 46,000
    The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs. 6,000 per annum.
    Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profits of the last four years

  2. From the following information, find out the value of goodwill by capitalisation method:
    (a) Average profit = Rs. 60,000
    (b) Normal rate of return = 10%
    (c) Capital employed = Rs. 4,50,000

  3. The following are the profits of a firm in the last five years:
    2014: Rs. 10,000; 2015: Rs. 11,000; 2016: Rs. 12,000; 2017: Rs. 13,000 and 2018: Rs. 14,000
    Calculate the value of goodwill at 2 years purchase of average profit of five years.

  4. From the following information, calculate the value of goodwill on the basis of 3 years purchase of average profits of last four years.

    Year Result Amount
    Rs.
    2015 Profit 5,000
    2016 Profit 8,000
    2017 Loss 3,000
    2018 Profit 6,000

  5. What is goodwill?

  6. What is acquired goodwill?

  7. What is super profit?

  8. What is normal rate of return?

  9. State any two circumstances under which goodwill of a partnership firm is valued.

  10. What is Annuity?

  11. What is meant by number of years purchase at the time of valuation of goodwill?

  12. Why is goodwill considered as an intangible asset but not a fictitious assets?

  13. How does the factor's 'quality of product' affect the goodwill of a firm?

  14. How does the 'market situation' affect the value of goodwill of a firm?

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