CBSE  /  Class 12  /  Accountancy  /  Reconstitution of Partnership Firm: Admission of a Partner

  • 1. 
    The profit of the last three years are ₹ 42,000, ₹ 39,000 and ₹ 45,000. Value of goodwill at two years purchases of the average profits will be :

  • ₹ 42,000
  • ₹ 84,000
  • ₹ 1,26,000
  • ₹ 36,000

  • 2. 
    Under average profit basis goodwill is calculated by :

  • No. of years’ purchased x Average profit
  • No. of years’ purchased x Super profit
  • Super Profit -r Expected Rate of Return
  • None of these

  • 3. 
    Goodwill is:

  • Tangible Asset
  • Intangible Asset
  • Current Asset
  • None of these

  • 4. 
    An asset which is not ficitious but intangible in nature, having realisable value is :

  • Machinery
  • Building
  • Furniture
  • Goodwill

  • 5. 
    Which of the following is not a method of valuation of Goodwill:

  • Revaluation Method
  • Average Profit Method
  • Super Profit Method
  • Capitalisation Method

  • 6. 
    The excess of average profits over the normal profits are called :

  • Super Profits
  • Fixed Profits
  • Abnormal Profits
  • Normal Profits

  • 7. 
    Goodwill is a…………….asset

  • Useless
  • Tangible
  • Worthless
  • Valuable

  • 8. 
    Under super profit basis goodwill is calculated by :

  • No. of years’ purchased x Average Profit
  • No. of years’ purchased x Super profit
  • Super profit -r Expected rate of return
  • None of these

  • 9. 
    Profits of the last three years were ₹ 6,000, ₹ 13,000 and ₹ 8,000 respectively. Goodwill at two years purchase of the average net profit will be :

  • ₹ 81,000
  • ₹ 27,0000
  • ₹ 9,000
  • ₹ 18,000

  • 10. 
    What do you mean by Super Profit ?

  • Total Profit/No. of Years
  • Average Profit – Normal Profit
  • Weighted Profit/No. of Years’ Purchase
  • None of these
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