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[ISC] Q. 2 Solution of Goodwill TS Grewal ISC 2023-24 Edition

Question 2 of 36Chapter 2Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 2, Chapter 2 Goodwill: Concepts and Mode of Valuation, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 2

Suraj and Chetan are partners in a firm sharing profits and losses equally. They decide to take Deep into partnership from 1st April, 2023 for 1/5th share in the future profits. For this purpose, goodwill is to be valued at 100% of the average annual profits of the previous three or four years, whichever is higher.

The annual profits for the purpose of goodwill for the past four years were:

  1. Year ended 31st March, 2023 — ₹ 2,88,000;
  2. 31st March, 2022 — ₹ 1,81,800;
  3. 31st March, 2021 — ₹ 1,87,200;
  4. 31st March, 2020 — ₹ 2,53,200.

Calculate the value of goodwill.

TS Grewal Class 12 Goodwill Question 2

Solution

Solution of Q 2 Goodwill TS Grewal 2023-24 part 1
Solution of Q 2 Goodwill TS Grewal 2023-24 part 2
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About this solution

This is Chapter 2 Goodwill of ISC TS Grewal Edition 2023-24.

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 Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy Exam.

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