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Class 12 Accountancy Partnership Accounts - Basic Concepts GoodwillEasy

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Profits are ₹45000 ₹55000 and ₹70000. Third year includes abnormal profit of ₹10000. What will be the correct average profit?

Answer and explanation

Correct answer: About ₹53333

After deducting abnormal profit third year's correct profit is ₹60000. Total is ₹160000 and average is about ₹53333.

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Goodwill Abnormal Profit Average Profit Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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