[ISC] Q. 21 Goodwill Solution TS Grewal Class 12 (2024-25)

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Solution to Question number 21 of the Goodwill chapter 2 TS Grewal Book ISC Board 2024-25 Edition.

Varuna and Karuna are partners for equal shares. They admit Lata into partnership for 1/4th share. It was agreed to value goodwill of the firm at 4 year’s purchase of super profit. Normal rate of return is 15% of the capital employed. Average profit of the firm is ₹ 4,00,000. Balance Sheet of the firm as at 31st March, 2024 was as follows:

LiabilitiesAssets
Capital A/cs:
Varuna
Karuna
Reserves and Surplus
Sundry Creditors
Outstanding Expenses
Advances from Customers
5,00,000
5,00,000
5,50,000
2,00,000
50,000
1,50,000
Furniture
Computers
Electrical Fittings
Investments (Trade)
Stock
Sundry Debtors
Bills Receivable
Cash at Bank
Cash in Hand
Deferred Revenue Expenditure
Advertisement Suspense
4,00,000
3,00,000
1,00,000
2,00,000
3,00,000
3,00,000
50,000
2,00,000
50,000
50,000
19,50,00019,50,000

Calculate the value of goodwill.

Solution:-

List of all solutions of Goodwill chapter TS Grewal ISC Board class 12 (2024-25)

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