Live MCQs Test of Goodwill Accountancy Class 12

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Total Questions:- 10

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Free Live MCQs Test - 1 Goodwill Chapter Class 12 Accountancy

1 / 10

Weighted average method of calculating goodwill is used when:

2 / 10

The profits earned by a business over the last 5 years are as follows: ₹ 12,000, ₹ 13,000, ₹ 14,000, ₹18,000 and ₹2,000 (loss). Based on 2 years purchase of the last 5 years profits, value of Goodwill will be:

3 / 10

The Average profit of a business over the last five years amounted to ₹ 60,000. The normal commercial yield on capital invested in such a business is deemed to be 10% p.a. The net capital invested in the business is ₹ 5,00,000. Amount of goodwill, if it is based on 3 years purchase of last 5 years super-profits will be:

4 / 10

Tangible Assets of the firm are ₹ 14,00,000 and outside liabilities are ₹ 4,00,000. The profit of the firm is ₹ 1,50,000 and the normal rate of return is 10%. The amount of Capital employed will be

5 / 10

Under the capitalisation Method, the formula for calculating the goodwill is:

6 / 10

Total assets of a firm including fictitious assets of ₹ 5,000 are ₹ 85,000. The net liabilities of the firm are ₹ 30,000. The normal rate of return is 10% and the average profits of the firm are ₹ 80,000. Calculate the goodwill as per capitalisation of super profits.

7 / 10

Total Capital employed in the firm is ₹ 8,00,000, reasonable rate of return is 15% and profit for the year is ₹ 12,00,000. The value of goodwill of the firm as per the capitalization method will be:

8 / 10

The average capital employed of a firm is ₹ 4,00,000 and the normal rate of return is 15%. The average profit of the firm is ₹ 80,000 per annum. If the remuneration of the partners is estimated to be ₹10,000 per annum, then on the basis of two years purchase of super profit, the value of the goodwill will be:

9 / 10

Capital invested in a firm is ₹ 5,00,000. The normal rate of return is 10%. The average profits of the firm are ₹ 64000 (after an abnormal loss of ₹ 4000). Value of goodwill at four times the super-profits will be:

10 / 10

A firm earns ₹ 1,10,000. The normal rate of return is 10%. The assets of the firm amounted to ₹ 11,00,000 and liabilities to ₹ 1,00,000. Value of goodwill by capitalisation of Average Actual Profits will be:

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