H.S.C.
OMTEX CLASSES
BOOK KEEPING & ACCOUNTANCY
www.omtexclasses.com
9
th
year of success 1
OMTEX CLASSES
9 years of successBOOK KEEPINGANDACCOUNTANCY
Name : - _______________________________________________College Name: - ____________________________________________Roll No. : -___________________________________________________
New EditionFOR PRIVATE CIRCULATION ONLY
“You don’t know what you can do until you try”
“
IF YOU ARE SATISFIED WITH OUR TEACHING TELL TO OTHERS IF NOT TELL TO US
”
H.S.C.
OMTEX CLASSES
BOOK KEEPING & ACCOUNTANCY
www.omtexclasses.com
9
th
year of success 2
Preface
It gives us great pleasure to present this thoroughly revised edition of
Omtex Classes Book
–
Keeping and Accountancy for Standard XII
,prepared according to the pattern prescribed by the board.A thorough study and practice of this edition with the help of OmtexClasses guidance (teaching + coaching) will enable the students to pass the
HSC
examination with better marks.Meticulous care has been taken to make this edition of
OmtexClasses Book
–
Keeping and Accountancy
perfect and useful inevery respect. However, suggestions, if any, for its improvement are most welcome.
-
Omtex classes
Note: - Every part of this book may be copied, adapted, abridged or translated, stored in anyretrieval system, computer system, photographic or other system or transmitted in any form or byany means without a prior written permission of the Omtex classes. This permission is given to helpstudents in achieving their success.
H.S.C.
OMTEX CLASSES
BOOK KEEPING & ACCOUNTANCY
www.omtexclasses.com
9
th
year of success 3
CH. 1. VALUATION OF GOODWILL [Q. 2 (A) : 5 MARKS]
Note: -
One practical problem on Valuation of Goodwill carrying 5 marks will be asked in
Q. 2
of the Board Paper.
Valuation of Goodwill: -
As prescribed in the syllabus, the value of goodwill as on a particulardate is ascertained by using any one of the following methods:i.
The Average Profit Method and
ii.
The Super Profit Method.INTRODUCTIONDefinition
: Goodwill is an intangible (non
–
visible) fixed asset having a realizable (economic)value. It is the reputation of business. Valuation of goodwill is very important in the case of admission, retirement and death of partners.IMPORTANT FORMULAEPROBLEMS
1.
The profits of the firm for the last five years are 2002 Rs. 20,000; 2003 Rs. 16,000; 2004 Rs.24,000; 2005 Rs. 8000; 2006 Rs. 12,000. Calculate the goodwill of the firm.
[Ans. Rs. 16,000]
2.
Calculate the good will from the following information goodwill is valued at three yearspurchase of average profit of the last six years. Profit and losses of the business in the last sixyears are as follows,
[Ans. Rs. 95,000]
1
st
year,
Rs, 40,000(Profit)2
nd
Year, Rs, 60,000(Profit)3
rd
Year, Rs, 10,000(Loss)4
th
Year, Rs, 50,000(Profit)5
th
Year, Rs, 30,000 (Loss)6
th
Year, Rs, 80,000(Profit)
3.
Calculate the value of goodwill according to average profit method. Goodwill is valued at threeyears purchase of last four year average profit. The profits and losses for the last four yearsare.
[Ans. Rs. 27,000]
1
st
Year Rs,
10,000(Profit)
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Omtex classes Accounts Notes for HSC students
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