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Accounts Test No. 1

Accounts Test No. 1

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Published by: AMIN BUHARI ABDUL KHADER on Dec 09, 2009
Copyright:Attribution Non-commercial


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Accounts Test Total Marks : 25
1. Mr. X a businessperson has earned the following profits in the last five years.
19951, 06,80019941, 03,600199399,400199297,800199196,500
Value goodwill of Mr. X on the basis of three years purchase of average of thepast five years.2. The following balance sheet of Kantilal, Chandrakant.Balance sheet as on 31
March, 1995
LiabilitiesAmountAssetsAmountCapitalKantilalChandrak antReserveFundCreditors95,00070,00044,00041,000MachineryBuildingInvestmentsStock DebtorBank Profit/lossA/c50,00041,00030,00020,00066,00030,00013,0002,50,0002,50,000
The net profits of the firm for the year ended 31
March, 1995 were Rs, 15,000Rs, 25,000 Rs, 26,000. Ascertain the value of good will at 3 years purchase of thesuper profit of the 3 years taking the normal rate of return on capital employed is10%.
Accounts Test Total Marks : 25
1. The profit of a firm for the four years from 1991 to 1994 where
1991 Rs, 40,0001992Rs, 75,0001993Rs, 95,0001994Rs, 50,000
Calculate the goodwill of the firm at 2 yrs. Purchase of the average profit forthe last three years.2. The books of a business showed that the capital employed on 31
December,1992 was Rs.1, 00,000/-. Profits for the last five years are 1988, 1989, 1990, 1991& 1992 were Rs, 60,000, Rs, 55,000, Rs, 75,000, Rs, 85,000 & Rs, 65,000respectively. Goodwill is valued at 3 years purchase of the Super profit of thebusiness. N.R.R. is 10%.

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