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Class 12AccountancyPartnership Accounts - Basic ConceptsGoodwillMedium
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For calculating goodwill in a partnership, the profits for three years are ₹72,000, ₹84,000 and ₹96,000, respectively. What will be the average profit?

Answer and explanation

Correct answer: ₹84,000

The total profit for the three years is ₹72,000 + ₹84,000 + ₹96,000 = ₹2,52,000. Average profit = Total profit ÷ Number of years = ₹2,52,000 ÷ 3 = ₹84,000, so option A is correct. Option D represents the total profit, not the average profit. In the exam, remember to divide the total profit by the number of years.

Related tags

GoodwillAverage ProfitPartnership AccountsAverage Profit MethodNumerical AccountingPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq
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10 more MCQs
  1. 1What is the basic meaning of goodwill in partnership?
  2. 2How is goodwill classified as an asset in accounting?
  3. 3What effect does a firm's good reputation have on its goodwill?
  4. 4Why is a stable customer base important for goodwill?
  5. 5What is the accounting treatment of purchased goodwill?
  6. 6Why is self generated goodwill generally not recorded in books?
  7. 7How is goodwill calculated under average profit method?
  8. 8The average profit is ₹50,000, and goodwill is valued at two years’ purchase. What is the value of goodwill?
  9. 9The profits for the last three years are ₹30,000, ₹45,000 and ₹60,000, respectively. What is the average profit used for calculating goodwill?
  10. 10The average profit for four years is ₹80,000, and goodwill is valued at three years’ purchase. What will be the value of goodwill?
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