Geet and meet are partners in a firm

Asked by admin @ 29/08/2021 in Accountancy viewed by 536 People

Geet and meet at the partners in a firm they admit Jeet into partnership for equal share it it was agreed that Goodwill will be valued at three years purchase of average profit of last 5 year profit for the last 5 year

Answered by admin @ 29/08/2021

Answer:

3,00,000

Explanation:

2017- as it was an abnormal gain we will subtract 50,000

2018- as it was an abnormal loss we will add 25000

2019- as it was an abnormal expense we will add 1,00,000

and subtract 15,000 (depreciation)

2020- we will subtract the depreciation (17,000)

working notes:-

2019 depreciation 1,00,000×20%×9/12=15,000

2020 depreciation 1,00,000-15,000×20%=17,000

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