Question

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Q. 46. Calculate the value of goodwill as on 1st April, 2015, on the basis of
year's purchase of the average profits of the last five years. The profits and losses for
the years ending 31st March were: 2010 80,000; 2011 1,00,000; 2012 Loss
*30,000; 2013 1,70,000; 2014 1,60,000 and 2015 1,80,000. You are informed that
the profits of the year ending 31st March 2014 included profit on sale of a fixed asset
amounting to 50,000 and the profits for the year 2015 were effected by a loss due to
fire amounting to 20,000.​

Answer 1

Answer:

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