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H.S.

C OMTEX – CLASSES
TIME – 1.00HRS
ACCOUNTS “THE HOME OF TEXT”
TEST – 18 MARKS
NAME OF THE
STUDENT

CHAPTER NAME Valuation of Good ROLL NUMBER TEST NO.


Will 1

ATTEMPT ANY THREE

1. Priti and Pritam are partners sharing profits and losses in the ratio of 3:2. They
admit Prasad for 1/6th share. For the purpose of admission of Prasad, goodwill of the
firm should be valued on the basis of 3 years purchase of the last 5 years average
profit. The profits were.
Year 1990 – 91 1991 – 1992 – 1993 – 1994 –
92 93 94 95
Profits Rs. 60,000 62,500 45,000(L 42,500 80,000
)
6 marks
2. Raghunath’s revenue statements for the 3 years ended 31st Dec. were as under:

Calculate the value of good will at 2 years purchase of the average profit, earned in
the past 3 years.
6 marks

3. Raj Kumar revenue statements for the 3 years ended 31 Dec. were as under:

Calculate the value of good will at 2 years purchase of the average profit, earned in
the past 3 years.
6 marks
4. Sales of trader for 3years ended 30th June 1995 are as follows
1 Rs, 5,
995 50,000
1 Rs, 5,
994 46,000
1 Rs, 5,
993 25,000
The profit margin for the 3 years ended 30th June 1995 was 10%, 12%, 12%
respectively. For the purpose of selling the business of the trader, goodwill is to be
valued at 2years purchase of the average profit of the last 3years. Find the value of
good will.
6 marks