DK Goel Solutions Q 14 Chapter 2 Change in Profit Sharing Ratio Class 12 CBSE [2023-24]
Step-by-step solution of Question 14, Chapter 2 Change in Profit-Sharing Ratio Among the Existing Partners, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 14
A and B are partners. They admit C for 1/4th share in profits. For this purpose goodwill is to be valued at three year’s purchase of super profits.
Following information is provided to you :
- A’s Capital — ₹ 5,00,000
- B’s Capital — ₹ 4,00,000
- General Reserve — ₹ 1,50,000
- Profit & Loss A/c (Cr.) — ₹ 30,000
- Sundry Assets — ₹ 12,00,000
The normal rate of return is 15% p.a. Average Profits are ₹ 2,00,000 per year. You are required to calculate C’s share of goodwill.
Solution
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About this solution
This is Chapter 2 Change in Profit Sharing Ratio of DK Goel For 2024 Examinations.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
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