{"id":4039,"date":"2023-11-28T11:18:02","date_gmt":"2023-11-28T05:48:02","guid":{"rendered":"http:\/\/ncertsolutions.guru\/?p=4039"},"modified":"2023-11-29T17:41:19","modified_gmt":"2023-11-29T12:11:19","slug":"ts-grewal-accountancy-class-12-solutions-chapter-2","status":"publish","type":"post","link":"https:\/\/ncertsolutions.guru\/ts-grewal-accountancy-class-12-solutions-chapter-2\/","title":{"rendered":"TS Grewal Accountancy Class 12 Solutions Chapter 2 Goodwill: Nature and Valuation"},"content":{"rendered":"

TS Grewal Accountancy Class 12 Solutions Chapter 2 Goodwill: Nature and Valuation are part of TS Grewal Accountancy Class 12 Solutions<\/a> Here we have given TS Grewal Accountancy Class 12 Solutions Chapter 2 Goodwill: Nature and Valuation.<\/p>\n\n\n\n\n\n\n\n\n\n\n
Board<\/strong><\/td>\nCBSE<\/td>\n<\/tr>\n
Textbook<\/strong><\/td>\nNCERT<\/td>\n<\/tr>\n
Class<\/strong><\/td>\nClass 12<\/td>\n<\/tr>\n
Subject<\/strong><\/td>\nAccountancy<\/td>\n<\/tr>\n
Chapter<\/strong><\/td>\nChapter 2<\/td>\n<\/tr>\n
Chapter Name<\/strong><\/td>\nGoodwill: Nature and Valuation<\/td>\n<\/tr>\n
Number of Questions Solved<\/strong><\/td>\n34<\/td>\n<\/tr>\n
Category<\/strong><\/td>\nTS Grewal Solutions<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

TS Grewal Accountancy Class 12 Solutions Chapter 2 Goodwill: Nature and Valuation<\/h2>\n

Question 1.<\/strong><\/span>
\nGoodwill is to be valued at three years purchase of four years average profit. Profits for last four years ending on 31st March of the firm were:
\n2015 \u20b9 12,000; 2016 \u20b9 18,000; 2017 \u20b9 16,000; 2018 \u20b9 14,000.
\nCalculate amount of Goodwill.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 2.<\/strong><\/span>
\nThe profit for the five years ending on 31st March, are as follows:
\nYear 2014 \u20b9 4,00,000; Year 2015 \u20b9 3,98,000; Year 2016 \u20b9 4,50,000; Year 2017 \u20b9 4,45,000; Year 2018 \u20b9 5,00,000.
\nCalculate goodwill of the firm on the basis of 4 years purchase of 5 years average profit.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 3.<\/strong><\/span>
\nCalculate value of goodwill on the basis of three years purchase of average profit of the preceding five years which were as follows:
\n\"TS
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 4.<\/strong><\/span>
\nCalculate the value of firm’s goodwill on the basis of one and half years purchase of the average profit of the last three years. The profit for first year was \u20b9 1,00,000, profit for the second year was twice the profit of the first year and for the third year profit was one and half times of the profit of the second year.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 5.<\/strong><\/span>
\nA and B are partners sharing profits in the ratio of 3 : 2. They decided to admit C as a partner from 1st April, 2018 on the following terms:
\n(i) C will be given 2\/5th share of the profit.
\n(ii) Goodwill of the firm be valued at two years purchase of three years normal average profit of the firm.
\nprofits of the previous three years ended 31st March, were:
\n2018 – Profit \u20b9 30,000 ( after debiting loss of stock by fire \u20b9 40,000).
\n2017 – Loss \u20b9 80,000 (includes voluntary retirement compensation paid \u20b9 1,10,000).
\n2016 – Profit \u20b9 1,10,000 (including a gain (profir) of \u20b9 30,000 on the sale of fixed assets).
\nyou are required to value the goodwell.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 6.<\/strong><\/span>
\nX and Y are partners sharing profits and losses in the ratio of 3 : 2. They admit Z into partnership for 1\/4th share in goodwill. Z brings in his share of goodwill in cash. Goodwill for this purpose is to be calculated at two years purchase of the average normal profit of past three years. Profits of the last three years ended 31st March, were:
\n2016 – Profit \u20b9 50,000 (including profit on sale of assets \u20b95,000).
\n2017 – Loss \u20b9 20,000 (includes loss by fire \u20b9 30,000).
\n2018 – Profit \u20b9 70,000 (including insurance claim received \u20b9 18,000 and interest on investments and Dividend received \u20b9 8,000).
\nCalculate value of goodwill. Also, calculate goodwill brought in by Z.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 7.<\/strong><\/span>
\nA and B are partners in a firm sharing profits and losses in the ratio of 2 : 1. They decide to take C into partnership for 1\/4th share on 1st April, 2018. For this purpose, goodwill is to be valued at four times the average annual profit of the previous four or five years whichever is higher. The agreed profits for goodwill purpose of the past five years are:
\n\"TS
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 8.<\/strong><\/span>
\nSumit purchased Amit’s business on 1st April, 2018. Goodwill was decided to be valued at two years’ purchase of average normal profit of last
\nfour years. The profits for the past four years were:
\n\"TS
\nBooks of Account revealed that:
\n(i) Abnormal loss of \u20b9 20,000 was debited to Profit and Loss Account for the year ended 31st March, 2015.
\n(ii) A fixed asset was sold in the year ended 31st March, 2016 and gain (profit) of \u20b9 25,000 was credited to Profit and Loss Account.
\n(iii) In the year ended 31st March, 2017 assets of the firm were not insured due to oversight. Insurance premium not paid was \u20b9 15,000.
\nCalculate the value of goodwill.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 9.<\/strong><\/span>
\nX and Y are partners in a firm. They admit Z into partnership for equal share. It was agreed that goodwill will be valued at three years purchase of average profit of last five years. Profits for the last five years were:
\n\"TS
\nBooks of Account of the firm revealed that:
\n(i) The firm had gain (profit) of \u20b9 50,000 from sale of machinery sold in the year ended 31st March, 2015. The gain (profit) was credited in Profit and Loss Account.
\n(ii) There was an abnormal loss of \u20b9 20,000 incurred in the year ended 31st March, 2016 because of a machine becoming obsolete in accident.
\n(iii) Overhauling cost of second hand machinery purchased on 1st July, 2016 amounting to \u20b9 1,00,000 was debited to Repairs Account. Depreciation is charged @ 20% p.a. on Written Down Value Method.
\nCalculate the value of goodwill.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 10.<\/strong><\/span>
\nProfits of a firm for the year ended 31st March for the last five years were:
\n\"TS
\nCalculate value of goodwill on the basis of three years purchase of Weighted Average Profit after assigning weights 1, 2, 3, 4 and 5 respectively to the profits for years ended 31st March, 2014, 2015, 2016, 2017 and 2018.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 11.<\/strong><\/span>
\nA and B are partners sharing profits and losses in the ratio of 5 : 3. On 1st April, 2018, C is admitted to the partnership for 1\/4th share of profits. For this purpose, goodwill is to be valued at two years purchase of last three years profits (after allowing partners remuneration). Profits to be weighted 1 : 2 : 3, the greatest weight being given to last year. Net profit before partners remuneration were: 2015-16: \u20b9 2,00,000; 2016-17: \u20b9 2,30,000; 2017 -2018: \u20b9 2,50,000. The remuneration of the partners is estimated to be \u20b9 90,000 p.a. Calculate amount of goodwill.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 12.<\/strong><\/span>
\nManbir and Nimrat are partners and they admit Anahat into partnership. It was agreed to value goodwill at three tears purchase on Weighted Average Profit Method taking profits of last five years. Weights assigned to each year as 1, 2, 3, 4 and 5 respectively to profit for the year ended 31st March, 2014 to 2108. The profit for these years were: \u20b9 70,000, \u20b9 1,40,000, \u20b9 1,00,000, \u20b9 1,60,000 and \u20b9 1,65,000 respectively.
\nScrutiny of books of account revealed following information:
\n(i) There was an abnormal loss of \u20b9 20,000 in the year ended 31st March, 2014.
\n(ii) There was an abnormal gain (profit) of \u20b9 30,000 in the year ended 31st March, 2015.
\n(iii) Closing Stock as on 31st March, 2017 was overvalued by \u20b9 10,000.
\nCalculate the value of goodwill.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 13.<\/strong><\/span>
\nCalculate the goodwill of a firm on the basis of three years purchase of the weighted average profit of the last four years. The appropriate weights to be used and profits are:
\n\"TS
\nOn a scrutiny of the accounts, the following matters are revealed:
\n(i) On 1st December, 2016, a major repair was made in respect of the plant incurring \u20b9 30,000 which was charged to revenue. The said sum is agreed to be capitalised for goodwill calculation subject to adjustment of depreciation of 10% p.a. on reducing balance method.
\n(ii) The closing stock for the year 2015-16 was overvalued by \u20b9 12,000.
\n(iii) To cover management cost, an annual charge of \u20b9 24,000 should be made for the purpose of goodwill valuation.
\n(iv) In 2015-16, a machine having a book value of \u20b9 10,000 was sold for \u20b9 11,000 but the proceeds were wrongly credited to Profit and Loss Account. No effect has been given to rectify the same. Depreciation is charged on machine @ 10% p.a. on reducing balance method.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 14.<\/strong><\/span>
\nGupta and Bose had a firm in which they had invested \u20b9 50,000. On an average, the profits were \u20b9 16,000. The normal rate of return in the industry is 15%. Goodwill is to be valued at four years purchase of profits in excess of profits @ 15% on the money invested. Value th goodwill.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 15.<\/strong><\/span>
\nThe total capital of the firm of Sakshi, Mehak and Megha is \u20b9 1,00,000 and the market rate of interest is 15%. The net profits for the last 3 years were \u20b9 30,000; \u20b9 36,000 and \u20b9 42,000. Goodwill is to be valued at 2 years purchase of the last 3 years super profits. Calculate the goodwill of the firm.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 16.<\/strong><\/span>
\nThe average net profit expected in future by XYZ firm is \u20b9 36,000 per year. Average capital employed in the business by the firm is \u20b9 2,00,000. The normal rate of return from capital invested in this class of business in 10%. Remuneration of the partners is estimated to be \u20b9 6,000 p.a. Find out the value of goodwill on the basis of two years purchase of super profit.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 17.<\/strong><\/span>
\nA partnership firm earned net profits during the last three years ended 31st March, as follows: 2016 – \u20b9 17,000; 2017 – \u20b9 20,000; 2018 – \u20b9 23,000.
\nThe capital investment in the firm throughout the above-mentioned period has been \u20b9 80,000. Having regard to the risk involved, 15% is considered to be a fair return on the capital. Calculate value of goodwill on the basis of two years purchase of average super profit earned during the above-mentioned three years.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 18.<\/strong><\/span>
\nA partnership firm earned net profits during the past three years as follows:
\n\"TS
\nCapital investment in the firm throughout the above-mentioned period has been \u20b9 4,00,000. Having regard to the risk involved, 15% in considered to be a fair return on the capital. The remuneration of the partners during this period is estimated to be \u20b9 1,00,000 p.a.
\nCalculate value of goodwill on the basis of two years purchase of average super profit earned during the above-mentioned three years.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 19.<\/strong><\/span>
\nA business earned an average profit of \u20b9 8,00,000 during the last few years. The normal rate of profit in the similar type of business is 10%. The total value of assets and liabilities of the business were \u20b9 22,00,000 and \u20b9 5,60,000 respectively. Calculate the value of goodwill of the firm by super profit method if it is valued at 2\\(\\frac { 1 }{ 2 }\\) years purchase of super profits.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 20.<\/strong><\/span>
\nCapital of the firm of Sharma and Verma is \u20b9 2,00,000 and the market rate of interest is 15%. Annual salary to partners is \u20b9 12,000 each. The profits for the last three years were \u20b9 60,000; \u20b9 72,000 and \u20b9 84,000. Goodwill is to be valued at 2 years purchase of last 3 years average super profit. Calculate goodwill of the firm.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 21.<\/strong><\/span>
\nA and B are equal partners. They decide to admit C for 1\/3rd share. For the purpose of admission of C, goodwill of the firm is to be valued at four years purchase of super profit. Average capital employed in the firm is \u20b9 1,50,000. Normal rate of return may be taken as 15% p.a. Average profit of the firm is \u20b9 40,000. Calculate value of goodwill.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 22.<\/strong><\/span>
\nOn 1st April, 2018, an existing firm had assets of \u20b9 75,000 including cash of \u20b9 5,000. Its creditors amounted to \u20b9 5,000 on that date. The firm had a Reserve of \u20b9 10,000 while Partners Capital Accounts showed a balance of \u20b9 60,000. If Normal Rate of Return is 20% and goodwill of the firm is valued at \u20b9 24,000 at four years purchase of super profit, find average profit per year of the existing firm.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 23.<\/strong><\/span>
\nThe average profit earned by a firm is \u20b9 1,00,000 which includes undervaluation of stock of \u20b9 40,000 on an average basis. The capital invested in the business is \u20b9 6,30,000 and the normal tare of return is 5%. Calculate goodwill of the firm on the basis of 5 time the super profit.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 24.<\/strong><\/span>
\nThe average profit earned by a firm is \u20b9 7,50,000 which includes overvaluation of stock of \u20b9 30,000 on an average basis. The capital invested in the business is \u20b9 4,20,000 and the normal tare of return is 15%. Calculate goodwill of the firm on the basis of 3 time the super profit.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 25.<\/strong><\/span>
\nAyub and Amit are partners in a firm and they admit Jaspal into partnership w. e. f. 1st April, 2018. They agreed to value goodwill at 3 years purchase of Super Profit Method for which they decided to average profit of last 5 years. The profit for the last 5 years were:
\n\"TS
\nThe firm has total assets of \u20b9 20,00,000 and Outside Liabilities of \u20b9 5,00,000 as on that date. Normal Rate of Return in similar business is 10%.
\nCalculate value of goodwill.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 26.<\/strong><\/span>
\nFrom the following information, calculate value of goodwill of the firm by applying Capitalisation Method: Total Capital of the firm \u20b9 16,00,000.
\nNormal rate of return 10%. Profit for the year \u20b9 2,00,000.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 27.<\/strong><\/span>
\nA business has earned average profit of \u20b9 1,00,000 during the last few years. Find out the value of goodwill by capitalisation method, given that the assets of the business are \u20b9 10,00,000 and its external liabilities are \u20b9 1,80,000. The normal rate of return is 10%.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 28.<\/strong><\/span>
\nForm the following particulars, calculate value of goodwill of a firm by applying Capitalisation of Average Profit Method:
\n(i) Profits of last five consecutive years ending 31st March are: 2018 – \u20b9 54,000; 2017 – \u20b9 42,000; 2016 – \u20b9 39,000; 2015 – \u20b9 67,000 and 2014 – \u20b9 59,000.
\n(ii) Capitalisation rate 20%.
\n(iii) Net assets of the firm \u20b9 2,00,000.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 29.<\/strong><\/span>
\nA business has earned average profit of \u20b9 4,00,000 during the last few years and the normal rate of return in similar business is 10%. Find value of goodwill by:
\n(i) Capitalisation of Super Profit Method, and
\n(ii) Super Profit Method if the goodwill is valued at 3 years purchase of super profits.
\nAssets of the business were \u20b9 40,00,000 and its external liabilities \u20b9 7,20,000.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 30.<\/strong><\/span>
\nA firm earns profit of \u20b9 5,00,000. Normal Rate of Return in a similar type of business is 10%. The value of total assets (excluding goodwill) and total outsiders liabilities as on the date of goodwill are \u20b9 55,00,000 and \u20b9 14,00,000 respectively. Calculate value of goodwill according to Capitalisation of Super Profit Method as well as Capitalisation of Average Profit Method.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 31.<\/strong><\/span>
\nAverage profit of the firm is \u20b9 2,00,000. Total assets of the firm are \u20b9 15,00,000 whereas Partners Capital is \u20b9 12,00,000. If normal rate of return in a similar business is 10% of the capital employed, what is the value of goodwill by Capitalisation of Super Profit?
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 32.<\/strong><\/span>
\nRajan and Rajani are partners in a firm. Their capitals were Rajan \u20b9 3,00,000; Rajani \u20b9 2,00,000. During the year 2017-18, the firm earned a profit of \u20b9 1,50,000. Calculate the value of goodwill of the firm by capitalisation of super profit assuming that the normal rate of return is 20%.
\nSolution:<\/strong><\/span>
\n\"TS<\/p>\n

Question 33.<\/strong><\/span>
\nAverage profit of GS & amp Co. is \u20b9 50,000 per year. Average capital employed in the business is \u20b9 3,00,000. If the normal rate of return of capital employed is 10%, calculate goodwill of the firm by:
\n(i) Super Profit Method at three years purchase; and
\n(ii) Capitalisation of Super Profit Method.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

Question 34.<\/strong><\/span>
\nFrom the following information, calculate value of goodwill of the firm:
\n(i) At three years purchase of Average Profit.
\n(ii) At three years purchase of Super Profit.
\n(iii) On the basis of Capitalisation of Super Profit.
\n(iv) On the basis of Capitalisation of Average profit.
\nInformation:
\n(a) Average Capital Employed is \u20b9 6,00,000.
\n(b) Net Profit\/(Loss) of the firm for the last three years ended are:
\n31st March, 2108 – \u20b9 2,00,000, 31st March, 2107 – \u20b9 1,80,000, and 31st March, 2106 – \u20b9 1,60,000.
\n(c) Normal Rate of Return in similar business is 10%.
\n(d) Remuneration of \u20b9 1,00,000 to partners is to be taken as charge against profit.
\n(e) Assets of the firm (excluding goodwill, fictitious assets and not-trade investments) is \u20b9 7,00,000 whereas Partners Capital is \u20b9 6,00,000 and Outside Liabilities \u20b9 1,00,000.
\nSolution:<\/strong><\/span>
\n\"TS
\n\"TS<\/p>\n

We hope the TS Grewal Accountancy Class 12 Solutions Chapter 2 Goodwill: Nature and Valuation help you. If you have any query regarding TS Grewal Accountancy Class 12 Solutions Chapter 2 Goodwill: Nature and Valuation, drop a comment below and we will get back to you at the earliest.<\/p>\n","protected":false},"excerpt":{"rendered":"

TS Grewal Accountancy Class 12 Solutions Chapter 2 Goodwill: Nature and Valuation are part of TS Grewal Accountancy Class 12 Solutions Here we have given TS Grewal Accountancy Class 12 Solutions Chapter 2 Goodwill: Nature and Valuation. Board CBSE Textbook NCERT Class Class 12 Subject Accountancy Chapter Chapter 2 Chapter Name Goodwill: Nature and Valuation …<\/p>\n

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