Accounts Test Total Marks : 25

1. Mr. X a businessperson has earned the following profits in the last five years.
1995 1, 06,800

1994 1, 03,600

1993 99,400

1992 97,800

1991 96,500

Value goodwill of Mr. X on the basis of three years purchase of average of the
past five years.

2. The following balance sheet of Kantilal, Chandrakant.

Balance sheet as on 31st March, 1995
Liabilities Amoun Assets Amoun
t t

Capital Machinery 50,000

Kantilal 95,000 Building 41,000

Chandrak 70,000 Investment 30,000

ant s
44,000 20,000
Reserve Stock
Fund 41,000 66,000
Debtor
Creditors 30,000
Bank
13,000
Profit/loss
2,50,0 2,50,0
A/c
00 00

The net profits of the firm for the year ended 31st March, 1995 were Rs, 15,000
Rs, 25,000 Rs, 26,000. Ascertain the value of good will at 3 years purchase of the
super profit of the 3 years taking the normal rate of return on capital employed is
10%.

Accounts Test Total Marks : 25

 1. The profit of a firm for the four years from 1991 to 1994 where
1991 Rs, 40,000

1992 Rs, 75,000

1993 Rs, 95,000

1994 Rs, 50,000

Calculate the goodwill of the firm at 2 yrs. Purchase of the average profit for
the last three years.

2. The books of a business showed that the capital employed on 31st December,
1992 was Rs.1, 00,000/-. Profits for the last five years are 1988, 1989, 1990, 1991
& 1992 were Rs, 60,000, Rs, 55,000, Rs, 75,000, Rs, 85,000 & Rs, 65,000
respectively. Goodwill is valued at 3 years purchase of the Super profit of the
business. N.R.R. is 10%.
4. Drawer : Shekhar Desai, Shastri Road, Mahad.
Drawee : Sharad Verma, Narayanpeth, Pune
Payee : Mukund Pande, Panel.
Amount : Rs. 3,500/-
Period : 3months.
Date of Bill : 21st June, 1995
Bill accepted : for 3,000 on 25th June, 1995.

5. On 10th March, 1995, Rajesh Bhoyar, Gandhinagar, Nagpur draws a 2 months

bill for Rs. 3,000 on Samir Chaudhary Main Road, Belapur. Samir Chaudhary
accepted the bill on 15th March, 1995.

4. Drawer : Vilas Patil, 20, M.G. Road, Pune.

Drawee : Vikas Pawar, 31, S.V. Road, Nasik
Payee : Viraj Potade, 41, A.B. Road, Sholapur,
Period : 3 months
Amount Rs : 7500
Date of Bill : 1st January, 2007
Date of Acceptance : 3rd January, 2007

5. Drawer : Abhijit Patil, Vikram nagar, Patna.

Drawee : Tejas Kapare, Kothrud, Pune.
Payee : Amey Patki, Nagpur.
Amount : Rs. 7500
Period : 60 days
Term : After sight
Date of Bill Drawn : 1st June 2006
Date of Acceptance : 11th June 2006
Accepted bill for Rs. : 7000 only.