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Published on: 02/06/2021
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Take MCQ Accountancy Test
1.
From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
(a) Profits of the years 2015, 2016, 2017 and 2018 are Rs. 10,000, Rs. 12,500, Rs. 12,000 and Rs. 11,500 respectively.
(b) The business was looked after by a partner and his fair remuneration amounts to Rs. 1,500 per year. This amount was not considered in the calculation of the above profits.
2.
The following particulars are available in respect of a business carried on by a partnership firm:
(a) Profits earned: 2016: Rs. 30,000; 2017: Rs. 29,000 and 2018: Rs. 32,000.
(b) Profit of 2016 includes a non-recurring income of Rs. 3,000.
(c) Profit of 2017 is reduced by Rs. 2,000 due to stock destroyed by fire.
(d) The stock is not insured. But, it is decided to insure the stock in future. The insurance premium is estimated at Rs. 5,600 per annum.
You are required to calculate the value of goodwill on the basis of 2 years purchase of average profits of the last three years.
3.
The profits and losses of a firm for the last four years were as follows:
2015: Rs. 15,000; 2016: Rs. 17,000; 2017: Rs. 6,000 (Loss); 2018: Rs. 14,000
You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profits of the last 4 years.
4.
The following particulars are available in respect of the business carried on by a partnership firm:
(i) Profits earned: 2016: Rs. 25,000; 2017: Rs. 23,000 and 2018: Rs. 26,000.
(ii) Profit of 2016 includes a non-recurring income of Rs. 2,500.
(iii) Profit of 2017 is reduced by Rs. 3,500 due to stock destroyed by fire.
(iv) The stock was not insured. But, it is decided to insure the stock in future. The insurance premium is estimated to be Rs. 250 per annum.
You are required to calculate the value of goodwill of the firm on the basis of 2 years purchase of average profits of the last three years.
5.
From the following information, calculate the value of goodwill based on 3 years purchase of super profit
(i) Capital employed: Rs. 2,00,000
(ii) Normal rate of return: 15%
(iii) Average profit of the business: Rs. 42,000
1.
Average profit \(=\frac{Total\ profit}{Number\ of\ years}\)
\(=\frac{10,000+12,000+12,000+11,500}{4}\)
\(=\frac{46,000}{4}\) = Rs.11,500
| Average profit before adjusting fair remuneration of the parter | = Rs. 11,500 |
| Less: Fair remuneration of partners | = Rs. 1,500 |
| Average profit | = Rs. 10,000 |
Goodwill Average profit \(\times\) Number of years of purchase
= 10,000 \(\times\) 3
= Rs. 30,000
Goodwill = Rs. 30,000
2.
| Particulars | 2016 Rs. |
2017 Rs. |
2018 Rs. |
|---|---|---|---|
| Profit | 30,000 | 29,000 | 32,000 |
| Less: Non- recurring income | 3,000 | - | - |
| 27,000 | 29,000 | 32,000 | |
| Add: Stock destroyed by fire (abnormal loss) | - | 2,000 | 32,000 |
| Profit after adjustments | 27,000 | 31,000 | 32,000 |
Average profit = \(\frac { Total\ profit }{ Number\ of\ year } \)
Average profit = \(\frac { 27,000+31,000+32,000 }{ 3 } \)
= \(\frac { 90,000 }{ 3 } \) = Rs. 30,000
| Particulars | Rs. |
|---|---|
| Average profit before adjusting insurance premium payable |
30,000 |
| Less: Insurance premium payable in future |
5,600 |
| Average profit | 24,400 |
Goodwill = Average profit \(\times\) Number of years of purchase
= 24,400 \(\times\) 2
= Rs. 48,800
3.
Goodwill = Average profit × Number of years of purchase
Average profit = \(\frac { Total\ profit }{ Number\ ofyear } \)
Average profit = \(\frac { 15,000+17,000-6,000+14,000 }{ 4 } \)
= \(\frac { 40,000 }{ 4 } \) = Rs. 10,000
Goodwill = Average profit \(\times\) Number of years of purchase
= 10,000 × 5 = Rs. 50,000
4.
| Particulars | 2016 Rs. | 2017 Rs. | 2018 Rs. |
|---|---|---|---|
| Profit | 25,000 | 23,000 | 26,000 |
| Less: Non -recurring income | 2,500 | - | - |
| 22,500 | 23,000 | 26,000 | |
| Add: Stock destroyed by fire (abnormal loss) | - | 3,500 | - |
| Profit after adjustments | 1,30,000 | 1,20,000 | 2,30,000 |
Average profit \(=\frac{Total\ profit}{Number\ of\ years}\)
\(=\frac{22,000+26,000+26,000}{3}\)
\(=\frac{75,000}{3}\) = Rs. 25,000
| Rs. | |
|---|---|
| Average profit before adjusting insurance premium payable in future |
25,000 |
| Less: Insurance premium payable in future | 250 |
| Average profit | 24,750 |
Goodwill = Average profit \(\times\) Number of years of purchase
= 24,750 \(\times\) 2 = 49,500
Goodwill = Rs. 49,500
5.
Normal profit = Capital employed \(\times\) Normal rate of return
= 2,00,000 \(\times\) 15% = Rs. 30,000
Super profit = Average profit - Normal profit
= 42,000 - 30,000
= Rs. 12,000
Goodwill = Super profit \(\times\) Number of years of purchase
= 12,000 \(\times\) 3
= Rs. 36,000
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