Question

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$Calculate the amount of goodwill on the basis of two years purchase of the last four years average profits. The profits for the last four years are: 1st year loss: Rs. 10,000, 2nd year profit: Rs. 26,000, 3rd year profit: Rs. 34,000 & 4th year profit: Rs. 5000.$
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Answer 1

$\huge\mathcal\colorbox{lavender}{{\color{b}{✿Yøur-Añswer♡}}}$

$\large\bf{\underline{\red{GIVEN}}}$

1st year loss: Rs. 10,000, 2nd year profit: Rs. 26,000, 3rd year profit: Rs. 34,000 & 4th year profit: Rs. 5000.

$\large\bf{\underline{\red{TO\:FIND}}}$

Calculate the amount of goodwill on the basis of two years purchase of the last four years average profits.

$\large\bf{\underline{\red{SOLUTION}}}$

$\blue{Godwill } = Average \: p \times no. \: of \: yrs \: purchase \\ \\Averge \: profit = \frac{ \red{total \: profit \: for \: past \: given \: years}}{ \red{number \: of \: years}} \\ \\ = > \frac{12000 + 18000 + 16000 + 14000}{4} \\ \\ = > Rs.15000 \\ \\ Number \: of \: years \: purchase = 3 \\ \\ therefore \: godwill = 15000 \times 3 \\ \\ \boxed{ = > Rs.45000 }$

$\boxed{I \:Hope\: it's \:Helpful}$

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Answer 2

Average profit

• = [26000 + 34000 + 5000 - 10000]/4
• = [60000 + 5000 - 10000]/4
• = [65000 - 10000]/4
• = 55000/4
• = 13750

Amount of goodwill

• = 13750 × 2
• = 27500