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)
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