Question

Amit and Kartik are partners sharing profits and losses equally. They decided to admit
Saurabh for an equal share in the profits. For this purpose the goodwill of the firm was
to be valued at four years purchase of super profits.
The Balance Sheet of the firm on Saurabh's admission was as follows:
Liabilities
Amount()
Assets
Amount()
Capitals :
Machinery
75.000
Amit
90.000
Furniture
15.000
Kartik
50.000
1.40.000 Stock
30.000
Reserve
20.000
20.000 Sundry Debtors
25.000 Cash
Loan
50.000
Sundry Creditors
5.000
1,90,000
1,90,000
The normal rate of retum is 12% per annum. Average profit of the firm for the last
four years was 30.000. Calculate Saurabh's share of goodwill.
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Answer 1

Answer:

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