Ques 18 Ch 2 Goodwill Nature & Valuation :Class 12 Accounts T S Grewal

On 1st April, 2023, a partnership firm had assets of 2,00,000 including cash of ? 6,000 and bank balance of ? 14,000. The partners' capital accounts showed a balance of 1,90,000 and reserves constituted the rest. If the normal rate of return is 10% and the goodwill of the firm is valued at 60,000 at 4 years' purchase of Super Profits, find the Average Profits of the firm. [Ans.: Average Profit 35,000; Super Profit 15,000; Normal Profit 20,000

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