[ISC] Q. 8 Goodwill Solution TS Grewal Class 12 (2026-27)
Solution to Question number 8 of the Goodwill chapter 2 TS Grewal Book ISC Board 2026-27 Edition.
Sonu and Sumit are partners sharing profits and losses in the ratio 3 : 2. They admit Sahil as a partner for 1/5th share. For this purpose, goodwill of the firm is to be valued on the basis of 3 year’s purchase of last 4 year’s average profit. Profits for the last four years ended on 31st March were as follows:
| Year | Profits (₹) |
| 2021 | 7,00,000 (including an Abnormal Gain of ₹ 50,000) |
| 2022 | 2,50,000 (after charging an Abnormal Loss of ₹ 69,950) |
| 2023 | 6,10,000 |
| 2024 | 4,50,000 |
Following additional information is made available:
i) On 1st October, 2021, the firm had purchased a computer for ₹ 3,00,000 and it was debited to stationery expenses. Depreciation is to be charged on computer @ 10% p.a. on Diminishing Balance Method.
ii) Closing Stock of 2022 and 2023 were overvalued by ₹ 30,000 and ₹ 20,000 respectively.
iii) To cover the Operating Cost, an annual charge of ₹ 45,000 should be made for the purpose of goodwill valuation.
Calculate goodwill of the firm.
Solution:-
