[CBSE] Q. 5 Solution of Goodwill TS Grewal Class 12 (2023-24)

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Are you looking for the solution to Question number 5 page of the Goodwill Chapter 2 TS Grewal Book CBSE Board 2023-24 Edition?

Q. 5

Asin and Shreyas were partners sharing profits and losses in the ratio of 2 : 1. They admitted Shyam as a partner for 1/5th share in profits. For this purpose, the Goodwill of the firm was to be valued on the basis of three years’ purchase of the last five years’ average profit. Profits for the last five years ended 31st March were:

YearProfit (₹)
20191,25,000
20201,00,000
20211,87,500
2022(62,500)
20231,25,000

Calculate the Goodwill of the firm after adjusting the following:

Profit of 2019-20 was calculated after charging ₹ 25,000 for abnormal loss of goods by fire.

[Ans.: Goodwill – ₹ 3,00,000]

Solution:-

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