Concept of Goodwill MCQs with Solved answers 12

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 (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

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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

(c) ₹ 4,00,000

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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

Fundamentals of partnership MCQs and Answer 

ISC ACCOUNTS 12 Fundamental of Partnership MCQs With solved Answers

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