Question Description
On the basis of following information, answer the given questions:Anita, Asha and Bashir 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 :2015-16 Profit ₹ 40,0002014-15 Profit ₹ 30,0002013-14 loss ₹ 10,000The average capital employed in the business was ` 1,10,000; the rate of interest expected from capital invested was 10%.What is the amount of goodwill as calculated?a)₹ 18,000b)₹ 20,000c)₹ 27,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about On the basis of following information, answer the given questions:Anita, Asha and Bashir 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 :2015-16 Profit ₹ 40,0002014-15 Profit ₹ 30,0002013-14 loss ₹ 10,000The average capital employed in the business was ` 1,10,000; the rate of interest expected from capital invested was 10%.What is the amount of goodwill as calculated?a)₹ 18,000b)₹ 20,000c)₹ 27,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On the basis of following information, answer the given questions:Anita, Asha and Bashir 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 :2015-16 Profit ₹ 40,0002014-15 Profit ₹ 30,0002013-14 loss ₹ 10,000The average capital employed in the business was ` 1,10,000; the rate of interest expected from capital invested was 10%.What is the amount of goodwill as calculated?a)₹ 18,000b)₹ 20,000c)₹ 27,000d)None of theseCorrect answer is option 'A'. Can you explain this answer?.

Solutions for On the basis of following information, answer the given questions:Anita, Asha and Bashir 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 :2015-16 Profit ₹ 40,0002014-15 Profit ₹ 30,0002013-14 loss ₹ 10,000The average capital employed in the business was ` 1,10,000; the rate of interest expected from capital invested was 10%.What is the amount of goodwill as calculated?a)₹ 18,000b)₹ 20,000c)₹ 27,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of On the basis of following information, answer the given questions:Anita, Asha and Bashir 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 :2015-16 Profit ₹ 40,0002014-15 Profit ₹ 30,0002013-14 loss ₹ 10,000The average capital employed in the business was ` 1,10,000; the rate of interest expected from capital invested was 10%.What is the amount of goodwill as calculated?a)₹ 18,000b)₹ 20,000c)₹ 27,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of On the basis of following information, answer the given questions:Anita, Asha and Bashir 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 :2015-16 Profit ₹ 40,0002014-15 Profit ₹ 30,0002013-14 loss ₹ 10,000The average capital employed in the business was ` 1,10,000; the rate of interest expected from capital invested was 10%.What is the amount of goodwill as calculated?a)₹ 18,000b)₹ 20,000c)₹ 27,000d)None of theseCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for On the basis of following information, answer the given questions:Anita, Asha and Bashir 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 :2015-16 Profit ₹ 40,0002014-15 Profit ₹ 30,0002013-14 loss ₹ 10,000The average capital employed in the business was ` 1,10,000; the rate of interest expected from capital invested was 10%.What is the amount of goodwill as calculated?a)₹ 18,000b)₹ 20,000c)₹ 27,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of On the basis of following information, answer the given questions:Anita, Asha and Bashir 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 :2015-16 Profit ₹ 40,0002014-15 Profit ₹ 30,0002013-14 loss ₹ 10,000The average capital employed in the business was ` 1,10,000; the rate of interest expected from capital invested was 10%.What is the amount of goodwill as calculated?a)₹ 18,000b)₹ 20,000c)₹ 27,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice On the basis of following information, answer the given questions:Anita, Asha and Bashir 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 :2015-16 Profit ₹ 40,0002014-15 Profit ₹ 30,0002013-14 loss ₹ 10,000The average capital employed in the business was ` 1,10,000; the rate of interest expected from capital invested was 10%.What is the amount of goodwill as calculated?a)₹ 18,000b)₹ 20,000c)₹ 27,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice Commerce tests.