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

Question 24 of 36Chapter 2Class 12 · ISC✍ Vijay Adarsh

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

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Question 24

On 1st April, 2023, a firm had assets of ₹ 7,50,000 including cash of ₹ 50,000. Its creditors amounted to ₹ 50,000 on that date. The firm had a reserve fund of ₹ 1,00,000 while Partners’ Capital Accounts showed a balance of ₹ 6,00,000. If the normal rate of return is 20% and the goodwill of the firm is valued at ₹ 2,40,000, at 4 years’ purchase of Super Profit, find the Average Profit per year of the existing firm.

TS Grewal Class 12 Goodwill Question 24

Solution

Solution of Q 24 Goodwill TS Grewal 2023-24 part 1
Solution of Q 24 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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