[ISC] Q. 5 Goodwill Solution TS Grewal Class 12 (2024-25)

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Solution to Question number 5 of the Goodwill chapter 2 TS Grewal Book ISC Board 2024-25 Edition.

Abhay, Babu and Charu are partners sharing profits and losses equally. They agree to admit Daman for equal share of profit. For this purpose, the value of goodwill is to be calculated on the basis of four year’s purchase of average profit of last five years. These profits for the year ended 31st March, were:

YearProfit/Loss (₹)
20201,50,000
20213,50,000
20225,00,000
20237,10,000
2024(5,90,000)

On 1st April, 2023, a car was purchased for ₹ 1,00,000 and was wrongly debited to Travelling Expenses Account. Depreciation is to be charged @ 25%. Interest of ₹ 10,000 on Non-Trade Investments is credited to Income for the yar ended 31st March, 2023 and 2024.

Calculate the value of Goodwill after adjusting the above.

Solution:-

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

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34Question – 34
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36Question – 36
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