# CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set A

Read and download free pdf of CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set A. Download printable Accountancy Class 12 Worksheets in pdf format, CBSE Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Worksheet has been prepared as per the latest syllabus and exam pattern issued by CBSE, NCERT and KVS. Also download free pdf Accountancy Class 12 Assignments and practice them daily to get better marks in tests and exams for Class 12. Free chapter wise worksheets with answers have been designed by Class 12 teachers as per latest examination pattern

## Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Accountancy Worksheet for Class 12

Class 12 Accountancy students should refer to the following printable worksheet in Pdf in Class 12. This test paper with questions and solutions for Class 12 Accountancy will be very useful for tests and exams and help you to score better marks

### Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Worksheet Pdf

Goodwill : Nature & Valuation Reference:

Multiple Choice Questions

1 Goodwill is __________
(a) Tangible asset
(b) Intangible asset
( c) Fictitious asset
(d) both b & c

2 Goodwill of the firm on the basis of 2 years purchase of average profit of the last 3 years is ₹ 25,000. Find average profit.
(a) ₹ 50,000
(b) ₹ 25,000
(c) ₹ 10,000
(d) ₹ 12,500

3 Calculate the value of goodwill at 3 years purchase when: capital employed ₹ 2,50,000, Average profit ₹ 30,000 and normal rate of return is 10%.
(a) ₹ 3,000
(b) ₹ 25,000
( c) ₹ 30,000
(d) ₹ 15,000

4 The firm earns ₹ 55,000. The normal rate of return is 10%, assets of the firm were ₹ 5,50,000 and liabilities were ₹ 50,000. Value of goodwill by capitalization of average profit will be:
(a) ₹ 1,00,000
(b) ₹ 5,000
( c) ₹ 2,500
(d) ₹ 50,000

5 State whether the following statements are true or false:
(a) Goodwill is a fictitious asset.
(b) Weighted average profit method of calculating of goodwill is used when profits show a trend of financial performance.
(c) Purchased goodwill arises at the time of opening of a new business.
(d) Goodwill can be defined as the present value of anticipated profits.
(e) Under Capitalization of super profit method, goodwill is ascertained by capitalizing the Super profit on the basis of Normal Rate of return.

6 _________ is the excess of actual profit over the normal profit.

7 In a partnership firm, total tangible asset are 14,00,000 and outside liabilities are 4,00,000 then capital employed will be _________.

8 Under ________ method goodwill is the excess of capitalized value of business over net assets.

9 Define Goodwill.

10 How does market situation affect the factor of goodwill?

11 Goodwill of a firm is valued at two years’ purchase of average profits of the last five years. The profits are 2017 ₹.80,000; 2016 ₹.60,000; 2015 ₹.10,000; 2014 ₹.20,000; 2013 ₹.50,000. Calculate the average profit and goodwill of the firm.

12 The goodwill of a firm is valued at three years’ purchase of the average profits of the last five years. The profits are 2017 ₹ 80,000; 2016 ₹ 60,000; 2015 ₹ 10,000; 2014 ₹ 20,000 (Loss); 2013 ₹ 50,000. Calculate the average profit and goodwill of the firm.

13 Monu purchased Sonu’s business from 1st January 2018. The profits disclosed by Sonu’s business for the last three years were as follows:
2016 ₹ 30,000 (including an abnormal gain of ₹ 5,000)
2017 ₹ 40,000 (after charging an abnormal loss of ₹ 10,000)
2018 ₹ 35,000 (excluding ₹ 5,000 as insurance premium of firm’s property now insured)
Calculate the goodwill on the basis of the two year’s purchase of the average profit for the last three years.

14 The following were the profits of the firm for the last three years.
2017 ₹4,00,000 (including an abnormal gain of ₹ 1,50,000)
2016 ₹ 3,00,000 (after charging an abnormal loss of ₹ 2,00,000)
2015 ₹ 5,00,000 (excluding ₹ 2,00,000 payable on insurance of plant and machine)
Calculate the value of the firm’s goodwill on the basis of four year’s purchase of average profits of the last three years.)

15 A, B and C are partners sharing profits and losses equally. They agree to admit D for equal share. For this purpose, goodwill is to be valued at four years’ purchase of average profit of last five years. Profits for the past five years were:

On 1st April, 2017, 5 cycles costing ₹ 20,000 were purchased and were wrongly debited to Travelling Expenses. Depreciation on cycles was to be charged @25%. Calculate value of goodwill.

16 The profits of a firm for the year ended 31st March for the last five years were as follows : 2009 ₹ 20,000; 2010 ₹ 30,000; 2011 ₹ 40,000; 2012 ₹ 50,000; 2013 ₹ 55,000. Calculate the value of goodwill on the basis of three year’s purchase of weighted average profits after weights 1,2,3,4,5 respectively to the profits for 2009, 2010, 2011, 2012, 2013.

17 Calculate the goodwill of a firm on the basis of three years’ purchase of the weighted average profit of the last four years. Profits for these four years ended 31st March were:

The weights assigned to each year ended 31st March are: 2012-1; 2013-2; 2014-3; 2015-4.
You are provided with the following additional information:
(i) On 31st March, 2014, a major plant repair was undertaken for ₹ 12,000 which was charged to revenue. The said sum is to be capitalized for goodwill calculation subject to adjustment of depreciation of 10% p.a. on Reducing Balance Method.
(ii) The Closing Stock for the year ended 31st March, 2013 was overvalued by ₹ 4,800.
(iii) To cover management cost an annual charge of ₹ 9,600 should be made for the purpose of goodwill valuation.

18 A firm earned net profits during the last three years as 1st year ₹ 18,000; 2nd year ₹ 20,000 and 3rd year ₹ 22,000. The capital investment of the firm is ₹ 60,000. A fair return on capital having regard to the risk involved @10%. Calculate the value of goodwill on the basis of three years’ purchase of the average profits for the last three years.

19 The average net profits Yajur Ltd. expected in the future are ₹ 54,000 per year. The average capital employed in the business is ₹ 2,00,000. The rate of interest expected from capital invested in this class of business is 10%. The remuneration of partners is estimated to be ₹ 10,000 p.a. Find out the value of goodwill on the basis of three years’ purchase of super profits.

20 Rajan and Rajani are partners in a firm. Their capitals were Rajan ₹ 3,00,000; Rajani ₹ 2,00,000. During the year 2012 the firm earned a profit of ₹ 1,50,000. Calculate the value of goodwill of the firm assuming that the normal rate of return is 20%.

22 On April 1, 2013 an existing firm had assets of ₹ 75,000 including cash of ₹ 5,000. The partner’s capital accounts showed a balance of ₹ 60,000 and reserve constituted the rest. If the normal rate of return is 10% and the goodwill of the firm is valued at ₹ 21,000 at three years’ purchase of super profits, find average profit of the firm.

23 (a)A firm had ₹ 2,40,000 worth of fixed assets and ₹ 1,60,000 as current assets on 1st January, 2014. On that date creditors of the firm were ₹ 40,000 partner’s capital ₹ 3,40,000 and general reserve ₹.20,000. If the goodwill of the firm is valued at ₹ 40,000 on the basis of four years purchase of super profit on the basis of 10% return on capital employed. Find out the average profit of the firm.
(a)A firm earns ₹ 15,000 as its annual profit, the rate of normal profit being 10%. The asset of the firm amounted to ₹ 70,000. The value of goodwill is ₹ 40,000 calculated on 4 years of purchase of super profit. Find the value of outside liabilities.

24 The average profit earned by a firm is ₹ 2,50,000 which includes overvaluation of stock of ₹ 10,000 on an average basis. The capital invested in the business is ₹ 14,00,000 and the normal rate of return is 15%. Calculate goodwill of the firm on the basis of 4 times the super profit 14 M/s H&M India has assets of ₹ 5,00,000 whereas liabilities are : Partners’ Capitals- ₹ 3,50,000, General Reserve- ₹ 60,000 and Sundry Creditors- ₹.90,000. If normal rate of return is 10% and goodwill of the firm is valued at ₹ 90,000 at 2 years’ purchase of super profit, find the average profit of the firm.

25 A business has earned average profit of ₹ 1,00,000 during the last few years. Find out the value of goodwill by capitalization method, given that the assets of business are ₹ 10,00,000 and its external liabilities are ₹ 1,80,000. The normal rate of return is 10%.

26 The following information relates to a partnership firm. The profit (2013) ₹.80,000; profit (2014) ₹ 1,00,000; profit (2015) ₹.2,00,000; profit (2016) ₹.1,50,000; profit (2017) ₹ 2,70,000. The average capital employed is ₹ 5,00,000; rate of normal profit is 20%. Find the value of goodwill under the following.
(a)On the basis of three years’ purchase of average profit.
(b)Three years’ purchase of super profit, and
(c) Capitalisation of super profit.

27 From the figures given below, calculate goodwill according the capitalization of average profit method. Actual Average Profit is ₹ 72,000. Normal Rate of Return is 10%, while assets are ₹ 9,70,000 and liabilities ₹ 4,00,000.

28 Priyam and Kiran are in restaurant business having credit balance in their fixed capital accounts as ₹ 2,50,000 each. They have credit balances in their current accounts of ₹ 30,000 and ₹ 20,000 respectively. The firm does not have any liability. They are regularly earning profit and their average profits of last five years is ₹ 1,00,000. If the normal rate of return is 10%, find the value of goodwill by capitalization of Average Profit Method.

29 L and M are partners in a firm. Their capitals are: L ₹ 3,00,000 and M ₹ 2,00,000. During the year ended 31st March, 2010 the firm earned a profit of ₹ 1,50,000. Assuming that the normal rate of return is 20%, calculate the value of goodwill of the firm.
(i)By Capitalization Method; and
(ii)By Super Profit Method if the goodwill is valued at 2 years’ purchase of super profit.

30 Average profit of the firm is ₹ 1,50,000. Total tangible assets in the firm are ₹14,00,000 and outside liabilities are ₹ 4,00,000. In the same type of business, the normal rate of return is 10% of capital employed. Calculate value of goodwill by capitalization of super profit method

 CBSE Class 12 Accountancy Accounting For Not For Profit Organisation Worksheet CBSE Class 12 Accountancy Not For Profit Organisation Worksheet Set A CBSE Class 12 Accountancy Not For Profit Organisation Worksheet Set B
 CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set A CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set B CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set A CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set B CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set C CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set D CBSE Class 12 Accountancy Fundamentals Worksheet Set A CBSE Class 12 Accountancy Fundamentals Worksheet Set B CBSE Class 12 Accountancy Partnership Volume Worksheet
 CBSE Class 12 Accountancy Admission of A Partner Worksheet Set A CBSE Class 12 Accountancy Admission of A Partner Worksheet Set B CBSE Class 12 Accountancy Admission of A Partner Worksheet Set C CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set A CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set B CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set C CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set A CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set B CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set C
 CBSE Class 12 Accountancy Death of A Partner Worksheet Set A CBSE Class 12 Accountancy Death of A Partner Worksheet Set B CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set A CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set B CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set D CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set A CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set B
 CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set A CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set B CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set C
 CBSE Class 12 Accountancy Accounting For Companies Worksheet CBSE Class 12 Accountancy Accounting For Share Capital Worksheet
 CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set A CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set B CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set C
 CBSE Class 12 Accountancy Financial Statements of A Company Worksheet
 CBSE Class 12 Accountancy Analysis of Financial Statements Worksheet CBSE Class 12 Accountancy Tools of Analysis Worksheet Set A CBSE Class 12 Accountancy Tools of Analysis Worksheet Set B
 CBSE Class 12 Accountancy Ratio Analysis Worksheet Set A CBSE Class 12 Accountancy Ratio Analysis Worksheet Set B CBSE Class 12 Accountancy Ratio Analysis Worksheet Set C
 CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set A CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set B CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set C
 CBSE Class 12 Accountancy All Chapters Question Bank CBSE Class 12 Accountancy All Chapters Worksheet CBSE Class 12 Accountancy Worksheet Set A Solved CBSE Class 12 Accountancy Worksheet Set B Solved CBSE Class 12 Accountancy Worksheet Set C Solved CBSE Class 12 Accountancy Worksheet Set D Solved CBSE Class 12 Accountancy Worksheet Set E Solved CBSE Class 12 Accountancy Worksheet Set F Solved CBSE Class 12 Accountancy Worksheet Set G Solved CBSE Class 12 Accountancy Worksheet Set H Solved CBSE Class 12 Accountancy Worksheet Set I Solved

## More Study Material

### CBSE Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Worksheet

The above practice worksheet for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner has been designed as per the current syllabus for Class 12 Accountancy released by CBSE. Students studying in Class 12 can easily download in Pdf format and practice the questions and answers given in the above practice worksheet for Class 12 Accountancy on a daily basis. All the latest practice worksheets with solutions have been developed for Accountancy by referring to the most important and regularly asked topics that the students should learn and practice to get better scores in their examinations. Studiestoday is the best portal for Printable Worksheets for Class 12 Accountancy students to get all the latest study material free of cost.

### Worksheet for Accountancy CBSE Class 12 Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

Teachers of studiestoday have referred to the NCERT book for Class 12 Accountancy to develop the Accountancy Class 12 worksheet. If you download the practice worksheet for the above chapter daily, you will get better scores in Class 12 exams this year as you will have stronger concepts. Daily questions practice of Accountancy printable worksheet and its study material will help students to have a stronger understanding of all concepts and also make them experts on all scoring topics. You can easily download and save all revision Worksheets for Class 12 Accountancy also from www.studiestoday.com without paying anything in Pdf format. After solving the questions given in the practice sheet which have been developed as per the latest course books also refer to the NCERT solutions for Class 12 Accountancy designed by our teachers

#### Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner worksheet Accountancy CBSE Class 12

All practice paper sheet given above for Class 12 Accountancy have been made as per the latest syllabus and books issued for the current academic year. The students of Class 12 can be assured that the answers have been also provided by our teachers for all test paper of Accountancy so that you are able to solve the problems and then compare your answers with the solutions provided by us. We have also provided a lot of MCQ questions for Class 12 Accountancy in the worksheet so that you can solve questions relating to all topics given in each chapter. All study material for Class 12 Accountancy students have been given on studiestoday.

#### Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner CBSE Class 12 Accountancy Worksheet

Regular printable worksheet practice helps to gain more practice in solving questions to obtain a more comprehensive understanding of Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner concepts. Practice worksheets play an important role in developing an understanding of Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner in CBSE Class 12. Students can download and save or print all the printable worksheets, assignments, and practice sheets of the above chapter in Class 12 Accountancy in Pdf format from studiestoday. You can print or read them online on your computer or mobile or any other device. After solving these you should also refer to Class 12 Accountancy MCQ Test for the same chapter.

#### Worksheet for CBSE Accountancy Class 12 Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

CBSE Class 12 Accountancy best textbooks have been used for writing the problems given in the above worksheet. If you have tests coming up then you should revise all concepts relating to Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner and then take out a print of the above practice sheet and attempt all problems. We have also provided a lot of other Worksheets for Class 12 Accountancy which you can use to further make yourself better in Accountancy

Where can I download latest CBSE Practice worksheets for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

You can download the CBSE Practice worksheets for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner for the latest session from StudiesToday.com

Can I download the Practice worksheets of Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner in Pdf

Yes, you can click on the links above and download chapter-wise Practice worksheets in PDFs for Class 12 for Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

Are the Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Practice worksheets available for the latest session

Yes, the Practice worksheets issued for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy have been made available here for the latest academic session

How can I download the Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy Practice worksheets

You can easily access the links above and download the Class 12 Practice worksheets Accountancy for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

Is there any charge for the Practice worksheets for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

There is no charge for the Practice worksheets for Class 12 CBSE Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner you can download everything free

How can I improve my scores by solving questions given in Practice worksheets in Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy

Regular revision of practice worksheets given on studiestoday for Class 12 subject Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner can help you to score better marks in exams

Are there any websites that offer free Practice test papers for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

Yes, studiestoday.com provides all the latest Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner test practice sheets with answers based on the latest books for the current academic session

Can test sheet papers for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy be accessed on mobile devices

Yes, studiestoday provides worksheets in Pdf for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy in mobile-friendly format and can be accessed on smartphones and tablets.

Are practice worksheets for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner available in multiple languages

Yes, practice worksheets for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner are available in multiple languages, including English, Hindi