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Class 12AccountancyReconstitution - Admission of a PartnerGoodwill AccountingEasy
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The average profit is ₹52,000, the normal profit is ₹40,000, and the years’ purchase is 2. What will be the goodwill of the firm?

Answer and explanation

Correct answer: ₹24,000

Super profit = Average Profit − Normal Profit = ₹52,000 − ₹40,000 = ₹12,000. Goodwill = Super Profit × Years’ Purchase = ₹12,000 × 2 = ₹24,000, so option A is correct. Option B is only the super profit, not the goodwill. Exam tip: Under the super profit method, first calculate super profit and then multiply it by the years’ purchase.

Related tags

Goodwill AccountingSuper Profit MethodAdmission Of PartnerAccountancy Class 12Reconstitution Admission Of A PartnerAccountancyClass 12 Mcq
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10 more MCQs
  1. 1A and B have a sacrificing ratio of 2:1. A new partner brings goodwill of ₹30,000. How much of the goodwill will A receive?
  2. 2New partner C could not bring his goodwill share of ₹20,000. The sacrificing ratio of A and B is 1:1. How much will be credited to A?
  3. 3At the admission of a new partner, old goodwill appearing in the books is written off among whom?
  4. 4If a new partner privately pays the goodwill premium to the old partners, what happens in the firm’s books?
  5. 5Goodwill is ₹240,000. A new partner is admitted for a 1/8 share. What will be his goodwill premium?
  6. 6A new partner brings ₹72,000 as goodwill in cash. The old partners’ sacrificing ratio is 7:5. How much will the first old partner receive?
  7. 7The purchase price of a business is ₹12,50,000. Its assets are ₹15,00,000 and outside liabilities are ₹4,00,000. What is the purchased goodwill?
  8. 8A and B share profits in (2:3). C is admitted and new ratio is (4:5:3). What is sacrificing ratio?
  9. 9Old goodwill of (₹180000) appears in books. A, B and C share profits in (4:3:2). How much will C be debited on writing it off before admission?
  10. 10If a new partner brings goodwill in cash and an old partner immediately withdraws his share, what sequence appears in the old partner's capital account?
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