Question

a. A firm earned a profit of Rs.100000, Rs.110000, Rs.120000 and Rs.180000 during 2016-17, 2017-18, 2018-19

and 2019-20 respectively. The firm has Capital investment of Rs.600000. A fair rate of return on investment

is 12% p.a. Calculate goodwill of the firm based on three years purchase of Average Super Profit of last four

years. (4)

b. The average profit of a firm is Rs.52000. The total assets of the firm are Rs.820000. Value of other liabilities

is Rs.480000. Average rate of return in the same business is 12%. Calculate goodwill from Capitalisation of

average profit method. (4)

c. X,Y and C are partners sharing profits and losses in the ratio of 4:2:3. From 1-April-2020, they decided to

share the profits in the ratio of 2:3:4. On the date Profits and Loss Account disclosed a credit balance of

Rs.10000. Record necessary journal entry for the distribution of the balance in the Profit and Loss Account.

(hey can anyone please send proper answer with images ... I will mark them a brainlies)​

Answer 1

sorry I dont know the answer

Answer 2

sorry, I don't know bro answer