Question

Average profit is Rs.50000. Goodwill based on two year's purchase of super profit is Rs.60000. Normal profit is (a)10000 (b)35000 (c)20000 (d)None of these

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Answer 1

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Answer:

(c). 20,000

Normal Profit = 20,000

Explanation:

Given :

Average profit is Rs.50,000

Goodwill = Rs 60,000

No. of year Purchases = 2 years

To find :

Normal profit

Solution :

Goodwill = Super Profit × No. of year Purchases

Solution :

Goodwill = Super Profit × No. of year Purchases

⟶ 60,000 = Super Profit × 2

⟶SuperProfit = 2 /60,000

⟶ 30,000

Super Profit = 30,000

Super Profit = Average Profit - Normal Profit

⟶ 30,000 = 50,000 - Normal Profit

⟶ Normal Profit = 50,000 - 30,000

⟶ Normal Profit = 20,000

∴ (c). 20,000

Normal Profit = 20,000

Answer 2

Calculate Of Goodwill by super profit method

Goodwill = Super profit * No. purchase years

= 10000 * 2

= 20000

Super profit = Average Profit - Normal profit

= 60000 - 50000

= 10000

Normal Profit = capital employed * rate / 100

= 400000 * 12.5 / 100

= 500000