Question : At the time of the Death of a partner, the Goodwill of the firm will be valued at two years’ purchase of the Average Profits of the last three years. The Profits for the year ended March 31, 2015, March 31, 2016, and March 31, 2017, were Rs.4,00,000, Rs.3,00,000, and Rs.2,41,000 ( debit balance ), respectively. The amount of Goodwill will be 

Option 1: 3,07,000

Option 2: 3,06,000

Option 3: 3,10,000

Option 4: None of the above

Question : Sindhu, Rahul and Kamlesh, who were sharing profits in the ratio of 3 : 3 : 4 respectively, as at 31st March, 2012 was as follows  balance of capital are Sindhu: 1,20,000   Rahul 1,00,000  Kamlesh: 80,000 Sindhu’s loan 20,000 (debit balance)

 General Reserve Rs 10,000
Sindhu died on 31st July 2012. The partnership deed provided for the following on the death of a partner :

(a) Goodwill of the firm be valued at two years’ purchase of average profits for the last three years which were Rs.80,000.
(b) Sindhu’s share of profit till the date of his death was to be calculated on the basis of sales. Sales for the year ended 31st March 2012 amounted to Rs.8,00,000 and from 1st April to 31st July 2012 Rs.3,00,000. The profit for the year ended 31st March 2012 was Rs.2,00,000.
(c) Interest on capital was to be provided @ 6% p.a.
Balance due to Sindhu’s Executor will be ------

Option 1: Rs 1,97,500

Option 2: Rs 1,75,900

Option 3: Rs 1,95,000

Option 4: None of the above

Question : The profits earned by a business over the  last 5 years are as follows:

Rs 24,000, Rs 26,000, Rs 28,000  Rs 36,000 and Rs 4,000 (loss) based on 2 years' purchase of last 5 years' profits. Value of goodwill will be:

Option 1: Rs 47,200

Option 2: Rs 44,000

Option 3: Rs 2,20,000

Option 4: Rs 2,26,000

Question : Ram  Mohan and Anil were partners in a firm sharing profits in a 2:2:1 ratio.
The firm closes its books on 31st March every year. Mohan died on 24-8-2017. On Mohan’s death, the goodwill of the firm was valued at Rs.75,000. The partnership deed provided that on the death of a partner, his share in the profits of the firm in the year of his death will be
calculated on the basis of last year’s profit. The profit of the firm for the year ended 31-3- 2017 was Rs.2,00,000.
Q. Mohan’s  share of goodwill is

Option 1: Rs 15,000

Option 2: Rs 45,000

Option 3: Rs 60,000

Option 4: Rs 30,000

Question : P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profits credited to his account during the last 4 completed years (books of accounts are closed on 31st March).

R died on 1st April 2018. The firm’s profits for the last 4 years were as follows: 2015 (Profits Rs. 1,20,000); 2016 (Profits Rs.60,000); 2017 (Losses Rs.20,000) and 2018 (Profits Rs. 80,000). Determine the amount that should be credited to R in respect of his share of goodwill.

Option 1: Rs 90,000

Option 2: Rs 30,000

Option 3: Rs 45,000

Option 4: Rs 60,000

Question : The profits earned by a business over the last 5 years are as follows: Rs.12,000; Rs.13,000; Rs.14,000; Rs.18,000 and Rs.2,000 (loss). Based on two years purchase of the last 5 years profits, value of goodwill will be:

Option 1: Rs.23,600

Option 2: Rs.22,000

Option 3: Rs.1,10,000

Option 4: Rs.1,18,000