[ISC] Q. 9 Goodwill Solution TS Grewal Class 12 (2024-25)

Share your love

Solution to Question number 9 of the Goodwill chapter 2 TS Grewal Book ISC Board 2024-25 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:

YearProfits (₹)
20217,00,000 (including an Abnormal Gain of ₹ 50,000)
20222,50,000 (after charging an Abnormal Loss of ₹ 69,950)
20236,10,000
20244,50,000

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:-

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

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: 6105

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Your email address will not be published.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