Question

2013
1
Calculate the goodwill based on 3 years purchase of weighted average method of profits. The
profits of the previous 4 years are as follows:
Year
2010
2011
2012
Profit
45,000
80,000
90,000
1,10,000
78,000
Weight
2
3
4
5
Additional Information:
c) On the 1st of Jan. 2012, after a major overhaul of the transformers it was found that
12,000 was incorrectly charged to revenue instead of being capitalised.
(i) Depreciation @10% was to be provided for the same.
(ii) The closing stock for 2013 was over-charged by 3,000.
Giv) The salary of R6,000 per annum, payable to A from 1st Jan. 2011, was omitted in the
records.​

Answer 1

Answer:

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