Question

on 1st April 2018 an existing firm had assets of 200000 including cash of 4000​

Answer 1

Answer:

On 1st April, 2018 an existing firm had assets of Rs. 2,00,000 including cash of Rs. 4,000. Its creditors amounted to Rs. 10,000 on that date. The partner's capital accounts showed a balance of Rs. 1,60,000 while the general reserve amounted to Rs. 30,000. If the normal rate of return is 15% and the goodwill of the firm is valued at Rs. 36,000 at 3 year's purchase of super profit, find the average profits of the firm.

Answer 2

Answer:

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