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12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 5 Mark Questions with Solution Part - II

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25

    Part I

    5 x 5 = 25
  1. From the following information, compute the value of goodwill as per annuity method:
    (a) Capital employed: Rs. 50,000
    (b) Normal rate of return: 10%
    (c) Profits of the years 2016, 2017 and 2018 were Rs. 13,000, Rs. 15,000 and Rs. 17,000 respectively.
    (d) The present value of annuity of Rs. 1 for 3 years at 10% is Rs. 2.4868.

  2. From the following information, compute the value of goodwill by capitalising super profit:
    (a) Capital employed is Rs. 4,00,000
    (b) Normal rate of return is 10%
    (c) Profit for 2016: Rs. 62,000; 2017: Rs. 61,000 and 2018: Rs. 63,000

  3. From the following details, calculate the value of goodwill at 2 years purchase of super profit:
    (a) Total assets of a firm are Rs. 5,00,000
    (b) The liabilities of the firm are Rs. 2,00,000
    (c) Normal rate of return in this class of business is 12.5 %.
    (d) Average profit of the firm is Rs. 60,000

  4. Find out the value of goodwill by capitalising super profits:
    (a) Normal Rate of Return 10%
    (b) Profits for the last four years are Rs. 30,000, Rs. 40,000, Rs. 50,000 and Rs. 45,000.
    (c) A non-recurring income of Rs. 3,000 is included in the above mentioned profit of Rs. 30,000.
    (d) Average capital employed is Rs. 3,00,000.

  5. From the following information, find out the value of goodwill by capitalisation method:
    (i) Average profit Rs. 20,000
    (ii) Normal rate of return 10%
    (iii) Capital employed Rs. 1,50,000

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