NS.pornoed aQUESTION - 7. Bhavya and Gargi are partners in a firm. The

1.	NS.pornoed aQUESTION - 7. Bhavya and Gargi are partners in a firm. They admit Sonali into partnership for equal share. Itwas agreed that goodwill will be valued at three years' purchase of average profit of last five years. Profits forthe last five years were:Year Ended 31st March, 2015 31st March, 2016 31st March, 2017 31st March, 2018 31st March, 2019Profits (in Rs.) 90,000 (Loss) 1,60,0001,50,00065,0001,77,000Books of Account of the firm revealed that:(i) The firm had gain (profit) of Rs. 50,000 from sale of machinery sold in the year ended 31st March, 2016. Thegain (profit) was credited in Profit and Loss Account.(ii) There was an abnormal loss of Rs. 20,000 incurred in the year ended 31st March, 2017 because of amachine becoming obsolete in accident.(iii) Overhauling cost of second hand machinery purchased on 1st July, 2017 amounting to Rs. 1,00,000 wasdebited to Repairs Account. Depreciation is charged @ 20% p.a. on Written Down Value Method.Calculate the value of Goodwill.[Ans. Value of Goodwill – Rs. 3,00,000.)
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NS.pornoed aQUESTION - 7. Bhavya and Gargi are partners in a firm. They admit Sonali into partnership for equal share. Itwas agreed that goodwill will be valued at three years' purchase of average profit of last five years. Profits forthe last five years were:Year Ended 31st March, 2015 31st March, 2016 31st March, 2017 31st March, 2018 31st March, 2019Profits (in Rs.) 90,000 (Loss) 1,60,0001,50,00065,0001,77,000Books of Account of the firm revealed that:(i) The firm had gain (profit) of Rs. 50,000 from sale of machinery sold in the year ended 31st March, 2016. Thegain (profit) was credited in Profit and Loss Account.(ii) There was an abnormal loss of Rs. 20,000 incurred in the year ended 31st March, 2017 because of amachine becoming obsolete in accident.(iii) Overhauling cost of second hand machinery purchased on 1st July, 2017 amounting to Rs. 1,00,000 wasdebited to Repairs Account. Depreciation is charged @ 20% p.a. on Written Down Value Method.Calculate the value of Goodwill.[Ans. Value of Goodwill – Rs. 3,00,000.)

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