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प्रश्न
A and B were partners in a firm sharing profits equally. Their capitals were : A ₹ 1,20,000 and B ₹ 80,000. The annual rate of interest is 20%. The profits of the firm for the last three years were ₹ 34,000; ₹ 38,000 and ₹ 30,000. They admitted C as a new partner. On C's admission the goodwill of the firm was valued at 2 years purchase of the super profits.
Calculate the value of goodwill of the firm on C's admission.
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उत्तर
Goodwill =No. of Years' Purchase x Super Profit
Super Profit = Actual Profit - Normal Profit
Average Profit = Average Profit of 3 years
Average Profit =`(34,000 + 38,000 +30,000)/3 = ₹ 34,000`
Normal Profit = 20% of total capital
= `20% xx2,00,000 = ₹ 40,000 `
Super Profit `= 34,000 - 40,000 = -6,000`
This firm is having negative super profit.So, no goodwill is possible.
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संबंधित प्रश्न
State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.
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| Years |
Profit Rs |
|
| I | 4,00,000 | |
| II | 4,80,000 | |
| II | 7,33,000 | |
| IV | Loss | 33,000 |
| V | 2,20,000 |
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1) Calculate the goodwill of the firm
2) Pass necessary Journal Entry for the treatment of goodwill on the change in profit sharing ratio of Kumar, Gupta and Kavita.
For which share of Goodwill a partner is entitled at the time of his retirement?
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State 'True' or 'False'
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Sooraj is unable to bring his share of goodwill. Pass the necessary Journal entries on admission of Sooraj, if:
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Find the Odd one.
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____________ profit is excess of actual profits over normal profits.
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What would be the journal entry for revaluation of an increase in the value of a liability?
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Analyse the case given below and answer the question that follow:
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Analyse the case given below and answer the question that follow:
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What amount of goodwill will be transferred to Karan's Capital account?
When the incoming partner brings his share of premium for goodwill in cash, it is adjusted by crediting to ______.
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Govind, Hari and Pratap are partners. On the retirement of Govind, the goodwill already appears on the Balance Sheet at ₹24,000. The goodwill will be written off ______
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| Years (ending 31st march) | 2020 | 2021 | 2022 | 2023 |
| Amount | 28,000 | 27,000 | 46,900 | 53,810 |
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- For the purpose of calculating Goodwill the company decided that the years ending 31.03.2020 and 31.03.2021 be weighted as 1 each (being COVID affected) and for year ending 31.03.2022 and 31.03.2023 weights be taken as 2 and 3 respectively.
