[ISC] Q. 9 Goodwill Solution TS Grewal Class 12 (2023-24)

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Are you looking for the solution to Question number 9 of the Goodwill chapter 2 TS Grewal Book ISC Board 2023-24 Edition?

Question – 9

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:

YearProfits (₹)
20207,00,000 (including an Abnormal Gain of ₹ 50,000)
20212,50,000 (after charging an Abnormal Loss of ₹ 69,950)
20226,10,000
20234,50,000

Following additional information is made available:

i) On 1st October, 2020, 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 2021 and 2022 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:-

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
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11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
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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
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