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Ram and mohan were partners sharing …

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Ram and mohan were partners sharing profits and losses in the ratio of 2:1 they admitted shyam as a partners for 1/5th share of profits. For this purpose the goodwillof the firm was to valued on the basis of three years' purchase of last five years acerage profit. The profits for the last five years ended 31st march, wear : Year 2016. 2017. 2018. Profit 125000. 100000. 187500. 2019. 2020 (62500) 125000 Calculate goodwill of the firm after adjusting the following: The profit of 2016-17 was calculate after charging 25000 for abnormal loss of good by fire.

Posted by Aanchal Bamrara 5 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Avani Maheshwari 4 years, 3 months ago

Average profit = [125000+100000+187500-62500(loss) +125000+25000(abnormal loss)]/5 =500000/5 = ₹ 100000 now, Goodwill=100000*3 = ₹300000

Jagriti Vishwakarma 5 years, 1 month ago

125000+25000(abnormal loss)+100000+187500+62500+125000= 625000. Average profit=625000/5=125000. Goodwill= 125000×3=375000 ans.

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