[CBSE] Q. 23 Solution of Goodwill TS Grewal Class 12 (2023-24)

Solution to Question number 23 page of the Goodwill Chapter 2 TS Grewal Book CBSE Board 2023-24 Edition?

Ayub and Amit are partners in a firm and they admit Jaspal into partnership w.e.f. 1st April 2023. They agreed to value goodwill at 3 years’ purchase of super profit method for which they decided to average profit of last 5 years. The profits for the last 5 years were:

Year Ended	Net Profit (₹)
31st March 2019	1,50,000
31st March 2020	1,80,000
31st March 2021	1,00,000 (including abnormal loss of ₹ 1,00,000)
31st March, 2022	2,60,000 (including abnormal gain (profit) of ₹ 40,000)
31st March 2023	2,40,000

The firm has total assets of ₹ 20,00,000 and Outside Liabilities of ₹ 5,00,000 as on that date Normal Rate of Return in similar businesses is 10%.

Calculate the Value of Goodwill.

[Ans.: Goodwill – ₹ 1,44,000.]

Solution:-

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