Table of Contents

Concept of Goodwill MCQs with Solved answers 12

Question 1.

The profit for the last five years of a firm was as follows:

Year 2012₹ 1,00,000

Year 2013 ₹ 1,50,000

Year 2014 ₹ 2,00,000

Year 2015 ₹ 2,80,000

Year 2016 ₹2,70,000

(i) The average profits of last five year will be:
(a) ₹ 10,00,000
(b) ₹ 2,00,000
(c) ₹ 3,33,333
(d) ₹ 2,50,000
(ii) Goodwill of the firm valued on the basis of 3 years purchases of 5 years average profits. The value of goodwill of the firm will be:
(a) ₹ 10,00,000
(b) ₹ 2,00,000
(c) ₹ 7,50,000
(d) ₹ 6,00,000

Answer- 1

(i) (b) ₹ 2,00,000

(ii) (d) ₹ 6,00,000

Concept of Goodwill MCQs with Solved answers 12 ISC

Concept of Goodwill MCQs with Solved answers 12

Question 2.

The profit for the last five years of a firm was as follows:

Year 2012₹ 1,10,000 (Abnormal Income Included ₹10,000)

Year 2013 ₹ 1,50,000

Year 2014 ₹ 1,80,000 (Abnormal Loss ₹20,000)

Year 2015 ₹ 2,80,000

Year 2016 ₹2,90,000 (Closing Stock Overvalued ₹20,000)

(i) The average profits of last five year will be:
(a) ₹ 10,00,000
(b) ₹ 2,40,000
(c) ₹ 3,33,333
(d) ₹ 2,00,000
(ii) Goodwill of the firm valued on the basis of 2 years purchases of 5 years average profits. The value of goodwill of the firm will be:
(a) ₹ 4,00,000
(b) ₹ 3,00,000
(c) ₹ 7,50,000
(d) ₹ 6,00,000

Answer- 2

(i) (d) ₹ 2,00,000

(ii) (a) ₹ 4,00,000

Concept of Goodwill mcqs with Solved answers 12 cbse

Concept of Goodwill MCQs with Solved answers 12

Question 3.

The profit for the last five years of a firm was as follows:

Year 2012₹ 1,10,000 (Abnormal Income Included ₹10,000)

Year 2013 ₹ 1,50,000

Year 2014 ₹ 1,80,000 (Abnormal Loss ₹20,000)

Year 2015 ₹ 2,70,000 (Closing Stock Overvalued ₹20,000)

Year 2016 ₹2,80,000

(i) The average profits of last Three year will be:
(a) ₹ 1,50,000
(b) ₹ 2,40,000
(c) ₹ 3,00,000
(d) ₹ 2,50,000
(ii) Goodwill of the firm valued on the basis of 2 years purchases of 3 years average profits. The value of goodwill of the firm will be:
(a) ₹ 3,00,000
(b) ₹ 5,00,000
(c) ₹ 6,50,000
(d) ₹ 6,00,000

Answer- 3

(i) (d) ₹ 2,50,000

(ii) (b) ₹ 5,00,000

Concept of Goodwill

Concept of Goodwill MCQs with Solved answers 12

Question 4.

The profit for the last five years of a firm was as follows:

Year 2012₹ 1,10,000

Year 2013 ₹ 1,50,000

Year 2014 ₹ 1,80,000

Year 2015 ₹ 2,70,000

Year 2016 ₹2,80,000. The weight to be used are 1, 2, 3, 4, and 5 for the years from 2012 – 2066.

(i) The Weighted average profits of last Five year will be:
(a) ₹ 2,22,000
(b) ₹ 1,40,000
(c) ₹ 1,42,000
(d) ₹ 2,50,000

(ii) Goodwill of the firm valued on the basis of 2 years purchases of weighted
average profit. The value of goodwill of the firm will be:
(a) ₹ 2,80,000
(b) ₹ 4,44,000
(c) ₹ 2,84,000
(d) ₹ 5,00,000

Answer- 4

(i) (a) ₹ 2,22,000

(ii) (b) ₹ 4,44,000

Concept of Goodwill MCQs with Solved answers 12

Question 5.

A firm earns a profit of ₹ 68,000 on a capital of ₹5,00,000 and the normal rate of return in a similar business is 10%.

(i) The super profit will be:
(a) ₹ 68,000
(b) ₹ 50,000
(c) ₹ 17,000
(d) ₹ 18,000

(ii) The value of Goodwill is calculated by 3 years’ purchase of super profit. The amount of goodwill will be:
(a) ₹ 51,000
(b) ₹ 1,50,000
(c) ₹ 54,000
(d) ₹ 5,40,000

Answer- 5

(i) (d) ₹ 18,000

(ii) (c) ₹ 54,000

ISC ACCOUNTS 12 Past Adjustment In Partnership MCQs with solved answers

Concept of Goodwill MCQs with Solved answers 12

Question 6.

Capital employed in the firm is ₹12,00,000. The normal rate of profit is 10%.A firm earned the following net profits during the last 4 years

2003- ₹ 1,10,000
2004- ₹ 1,40,000
2005- ₹ 1,50,000
2006- ₹ 2,00,000
(i) The Normal profit will be:
(a) ₹ 1,20,000
(b) ₹ 1,50,000
(c) ₹ 1,17,000
(d) ₹ 1,18,000

(ii) The Average profit of last four years will be:
(a) ₹ 1,68,000
(b) ₹ 1,50,000
(c) ₹ 1,60,000
(d) None of these

(iii)The super profit will be:
(a) ₹ 48,000
(b) ₹ 50,000
(c) ₹ 30,000
(d) ₹ 32,000

(iv) The value of Goodwill is calculated by 2 years’ purchase of super profit. The amount of goodwill will be:
(a) ₹ 96,000
(b) ₹ 1,00,000
(c) ₹ 60,000
(d) ₹ 64,000

Answer- 6

(i) (a) ₹ 1,20,000

(ii) (b) ₹ 1,50,000

(iii) (c) ₹ 30,000

(iv) (c) ₹ 60,000

ACCOUNTANCY Issue Of Shares MCQs With Solved Answers

Concept of Goodwill MCQs with Solved answers 12

Question 7.

A firm earned average profit during the last four years is ₹70,000 and the normal rate of return in similar business is 10%. The total assets are ₹5,60,000 and the outside liabilities are ₹ 1,60,000. Calculate the value of goodwill with the help of the Capitalisation of Average profit method. The amount of goodwill will be:

(a) ₹ 4,00,000
(b) ₹ 1,50,000
(c) ₹ 1,17,000
(d) ₹ 3,00,000

Answer- 7

(d) ₹ 3,00,000

ISC ACCOUNTS 12 Interest On Drawing MCQs with solved answers

Concept of Goodwill MCQs with Solved answers 12

Question 8.

The capital invested in a firm is ₹ 12,00,000 and the rate of return in the similar business is 10%. The firm earns the following profit in the last 4 years:
2016 ₹ 1,60,000
2017 ₹ 1,80,000
2018 ₹ 1,70,000
2019 ₹ 2,90,000

Calculate the value of goodwill by the Capitalisation method.The amount of goodwill will be:

(a) ₹ 2,00,000
(b) ₹ 1,80,000
(c) ₹ 6,00,000
(d) ₹ 8,00,000

Answer- 8

(d) ₹ 8,00,000

ISC ACCOUNTS 12 Interest On Capital MCQs with solved answers

Concept of Goodwill MCQs with Solved answers 12

Question 9.

A firm earns a profit of ₹ 2,60,000 and has invested capital amounting to ₹ 22,00,000. In the same business normal rate of earning profit is 10%. Calculate the value of goodwill with the help of the Capitalisation of super profit method.The amount of goodwill will be:

(a) ₹ 2,60,000
(b) ₹ 2,20,000
(c) ₹ 4,00,000
(d) ₹ 40,000

Answer- 9

ISC ECONOMICS 12 Price Elasticity Of Supply MCQs with solved Answers

Concept of Goodwill MCQs with Solved answers 12

Question 10.

The Capital Employed in a firm is ₹ 15,00,000 & the market rate of interest is 10 %. The annual Salary of the partners is ₹ 80,000. the profit of the last 3 years were ₹ 3,50,000. ₹4,50,000 & ₹ 4,00,000 respectively. Calculate the value of goodwill on the basis of 2 years purchase of average super profit of last 3 years. The amount of goodwill will be:

(a) ₹ 3,40,000
(b) ₹ 3,20,000
(c) ₹ 4,00,000
(d) ₹ 1,50,000