Multiple Choice Questions on Goodwill of a firm of A and B is valued at Rs30 000 It is appearing in the books at Rs12 000 C is ad........... for Commerce 12th Preparation

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Multiple Choice Questions

Goodwill of a firm of A and B is valued at Rs30 000 It is appearing in the books at Rs12 000 C is ad...........

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    Goodwill of a firm of A and B is valued at Rs30,000. It is appearing in the books at Rs12,000. C is admitted for 1/4 share. What amount he is supposed to bring for goodwill?

    Rs3,000

    Incorrect Answer

    Rs7,500

    Correct Answer

    Rs4,500

    Incorrect Answer

    Rs10,500

    Incorrect Answer
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    Explanation:

    - The total goodwill of the firm is valued at Rs 30,000.

    - C's share in goodwill 30,000 X 1/4 = 7,500,   

    -If no information is given in the question, than always write off existing goodwill or purchased goodwill (according to AS-26)

    Due to this difference in goodwill (30,000 - 12,000) will not be considered.

    By: santosh
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