Question

Qns 8 On Ist Jan 2014 an exis ng firm has Asset of Rs. 1,50,000 including cash of Rs. 10,000. Its
creditors amounted to Rs. 10,000 on that date. The firm had a Reserve of Rs. 20,000 while
Partner's Capital Accounts showed a balance of Rs. 1,20,000. If Normal Rate of Return is 20% and
goodwill of the firm is valued at Rs. 4,8000 at four years' purchase of super profit, find the
average profit per year of the exis ng firm. 4​

Answer 1

Answer:

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