Question

Following data are available in respect of business:
(1) Profit in 2013-14 370,000, in 2014-15 1,00,000; in 2015-16 1,25,000.
(ii) Non-recurring income of 39,000 is included in the profit of 2015-16.
(iii) Profits in 2014-15 have been reduced by 13,000
on account of goods destroyed by fire.
(iv) Goods have not been insured but it is decided to insure them in future. The insurance premium is
estimated at 900 per annum.
(v) The proprietor thinks to appoint an accountant in the business to maintain the books of accounts.
Salary will be paid to the accountant @ 1,500 per month.
(vi) Reasonable remuneration of the proprietor of business is 12,000 per year but it has not been taken
into account for computation of above-said profits.
(vii) Profits in 2013-14 include * 11,000 income from investments.
Goodwill is to be valued at 2 year's purchase of the weighted average profits of the past 3 years. The
appropriate weights to be used are: 2013-14-1, 2014-15-2; 2015-16-3
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Answer 1

Answer:

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