Question

Hea
[Ans. Goodwill
er's
₹
60,000 (Profit)
1,50,000 (Profit
20,000 (Loss)
2,00,000 (Profit)
1,85,000 (Profit)
On 1st October, 2016 a computer costing 40,000 was purchased and debited to office
expenses account on which depreciation is to be charged @25% p.a. Calculate the value o
Year ending on 31st March 2013
Year ending on 31st March 2014
Year ending on 31st March 2015
Year ending on 31st March 2016
Year ending on 31st March 2017
goodwill
.
[Ans. Goodwill *3,66,000.]
Hint : Adjusted profit of 2017 will be : 1,85,000 + 40,000 - Depreciation 5,000
32,20,000.
for equal share. For this purpose goodwill is to be valued at 3 year's purchase of average
Q.5. A, B and C are partners sharing profits and losses equally. They agree to admit D
profits of last 5 years which were as follows:​

Answer 1

Answer:

PROFIT AND LOSS APPROPRIATION ACCOUNT

Particulars Amount Particulars Amount

To Interest on capital

A= 50000*5%=2500

B=30000*5%=1500

C=20000*5%=1000 5000 By net profit 45000

To salary to

B= 5000

C=5000 10000

To profit T/f to

P's current A/c 15000

Q's current A/c 9000

R's current A/c 6000 30000

Total 45000 Total 45000

PARTNERS CAPITAL ACCOUNT

Particulars A B C Particulars A B C

To balance c/d 50000 30000 20000 By balance b/d 50000 30000 20000

Total 50000 30000 20000 Total 50000 30000 20000

PARTNERS CURRENT ACCOUNT

Particulars A B C Particulars A B C

To drawings

10000 7500 6000 By bal b/d 4500 1500 1000

By Interest on capital 2500 1500 1000

By bal c/d 12000 9500 7000 By Salaries 5000 5000

P/L Appropriation A/c 15000 9000 6000

Total 22000 17000 13000