Solution of Q 9 Goodwill TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 9, Chapter 2 Goodwill: Nature and Valuation, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 9
Bhaskar and Pillai are partners sharing profits and losses in the ratio of 3 : 2. They admit Kanika into partnership for 1/4th share in profit. Kanika brings her share of goodwill in cash. Goodwill for this purpose is to be calculated at two years’ purchase of the average normal profit of past three years. Profits of the last three years ended 31st March, were:
2021—Profit ₹ 50,000 (including profit on sale of assets ₹ 5,000).
2022—Loss ₹ 20,000 (including loss by fire ₹ 30,000).
2023—Profit ₹ 70,000 (including insurance claim received ₹ 18,000 and interest on investments and Dividend received ₹ 8,000).
Calculate the value of goodwill. Also, calculate goodwill brought by Kanika.
Solution
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About this solution
This is Chapter 2 Goodwill – Nature and Valuation of 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 CBSE Guidelines. Just follow our presentation of solutions and score good marks in Accountancy Board Exam.
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