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# Concept of Goodwill MCQs with Solved answers 12

## 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 (Ab****normal 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 (Ab****normal 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

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**

(c) ₹ 4,00,000

### 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

**Answer- 10**

(a) ₹ 3,40,000

**Concept of Goodwill MCQs with Solved answers 12**

### Fundamentals of partnership MCQs and Answer

### ISC ACCOUNTS 12 Fundamental of Partnership MCQs With solved Answers

**Admission of a partner-Important Questions-1**

**Admission of a partner-Important Questions-2**

**Important questions of fundamentals of partnership-3**

**Profit and loss Appropriation Account**

**Format of Profit and loss Appropriation Account**

**Hidden Goodwill at the time of Admission of A New Partner**

**Important questions of fundamentals of partnership**

**Important questions of fundamentals of partnership-2**

Goodwill questions for practice Class 12 ISC & CBSE

**Important questions of fundamentals of partnership-5**

**ACCOUNTING TREATMENT OF GOODWILL AT THE TIME OF ADMISSION OF A NEW PARTNER**

Admission of a partner-Important Questions-3

Admission of a partner-Important Questions-5

Admission of a partner-Important Questions-4