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On April 1 2015 ,an existing …

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On April 1 2015 ,an existing firm had asset of 500000 including cash of 20000.the firm had a general reserves of 90000,partners capital account showed a balance of 3,80,000 and creditors amounted to 30000. If the normal rate of return is 20% and the goodwill of the firm is 64000 at 4 years purchase of super profit, find the average profit of the firm

Posted by Mihir Ketan 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Alisha Wadhwa 6 years, 6 months ago

G/w= 4× super profit 64000/4 = SP 16000=super profit Capital employed = General reserve+ capital =90,000+380,000=470,000 Normal profit = capital employed× NRR/100 =4,70,000×20/100=54,000 SP=AP-NP 16,000+54,000 =AP 70,000=AP

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