CASE BASED MCQ FOR ACCOUNTANCY CLASS 12TH FOR CH 2, CH 3 & CH 4 PART 2

Case Based MCQ for Accounts Chapter 2 – Fundamental of Partnership, Chapter 3 – Goodwill and Chapter 4 – Change in Profit Sharing Ratio

Question no.’s 1 to 4 are based on the hypothetical situation given below:

(b) Prateek, Gagan and Neeraj are partners sharing profits and losses in the ratio of 3:2:1 respectively. On 1st April, 2016, they decided to change their profit sharing ratio. Their partnership deed provides that in the event of any change in the profit sharing ratio, the goodwill of the firm should be valued at two years purchase of the average super profits for the past three years:

1. The total profit earned in three years is _______________.

 
 
 
 

2. The Super Profit of the firm is __________.

 
 
 
 

3. What is the amount of goodwill as calculated?

 
 
 
 

4. The normal profit earned by the firm is _____________.

 
 
 
 

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