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12th Class Accountancy Goodwill Question Bank MCQs - Goodwill : Nature And Valuation

  • question_answer
    On April 1, 2018, a firm had assets of Rs.1,00,000 excluding stock of Rs.20,000. The current liabilities were Rs.10,000 and the balance constituted Partners' Capital Accounts. If the normal rate of return is 8%, the Goodwill of the firm is valued at Rs.60,000 at four years purchase of super profit. Find the actual Average profits of the firm:

    A) Actual Average Profit Rs.22,800

    B) Actual Average Profit Rs.23,800

    C) Actual Average Profit Rs.21,800

    D) Actual Average Profit Rs.20,800

    Correct Answer: B

    Solution :

    Actual Average Profit Rs.23,800


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