[ISC] Q. 7 Goodwill Solution TS Grewal Class 12 (2023-24)

Share your love

Solution to Question number 7 of the Goodwill chapter 2 TS Grewal Book ISC Board 2023-24 Edition.

Sumit purchased Amit’s business on 1st April, 2023. Goodwill was decided to be valued at two year’s purchase of average normal profit of last four years. The profits for the past four years were:

Year EndedProfits (₹)
31st March, 202080,000
31st March, 20211,45,000
31st March, 20221,60,000
31st March, 20232,00,000

Following information was taken from the books of account:

i) Stock theft (Abnormal loss) of ₹ 20,000 was debited to Profit & Loss Account for the year ended 31st March, 2020.

ii) A fixed asset was sold on 1st April, 2020 and gain (profit) of ₹ 25,000 was credited to Profit & Loss Account.

iii) In the year ended 31st March, 2022, assets of the firm were not insured due to oversight. Insurance premium not paid was ₹ 15,000.

Calculate the value of goodwill.

Solution:-

List of all solutions of Goodwill chapter TS Grewal ISC Board class 12 (2023-24)

S.NQuestions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NQuestions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NQuestions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
S.NQuestions
31Question – 31
32Question – 32
33Question – 33
34Question – 34
35Question – 35
36Question – 36
Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 6122

Leave a Reply

Your email address will not be published. Required fields are marked *

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh