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12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 3 Mark Questions with Solution Part - I Question Bank Software Jun-21 , 2021

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12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 3 Mark Questions with Solution Part - I

12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Creative 3 Mark Questions with Solution Part - I

12th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 15
    5 x 3 = 15

  1. What is the nature of goodwill?

  2. What is the need for valuation of goodwill?

  3. Explain the classification of goodwill.

  4. How is goodwill calculated under the weighted average profit method?

  5. Kalyan and Dilip are partners in a firm dealing in stationery items. The firm is well managed and enjoys the advantage of being cost effective. It buys stationery items at reasonable cost from Dilip's relative who is manufacture of stationery items. The firm's sale outlet is situated near a school. As a result, the firm is donating 10% of is profits to the nearby school for the education of the students of below poverty line. State any two factors affecting the value of goodwill of the firm. Also identify any two values which the firm is trying to propagate.

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