Question Description
Read the following information and answer the given questions:Rohit, Karan and Karim are partners sharing profits and losses in the ratio of 14 : 5 : 6 respectively. Karan retires and surrenders 5/25th share in favour of Rohit. The goodwill of the firm is valued at 2 years’ purchase of Super Profit based on average profits of the last three years. The profits for the last three years are ₹50,000, ₹55,000 and ₹60,000, respectively. The normal profits for the similar firm are ₹30,000. Goodwill already appears in the books of the firm at ₹75,000.Q. What is the value of new goodwill determined?a)₹50,000b)₹10,000c)₹30,000d)₹75,000Correct 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 Read the following information and answer the given questions:Rohit, Karan and Karim are partners sharing profits and losses in the ratio of 14 : 5 : 6 respectively. Karan retires and surrenders 5/25th share in favour of Rohit. The goodwill of the firm is valued at 2 years’ purchase of Super Profit based on average profits of the last three years. The profits for the last three years are ₹50,000, ₹55,000 and ₹60,000, respectively. The normal profits for the similar firm are ₹30,000. Goodwill already appears in the books of the firm at ₹75,000.Q. What is the value of new goodwill determined?a)₹50,000b)₹10,000c)₹30,000d)₹75,000Correct 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 Read the following information and answer the given questions:Rohit, Karan and Karim are partners sharing profits and losses in the ratio of 14 : 5 : 6 respectively. Karan retires and surrenders 5/25th share in favour of Rohit. The goodwill of the firm is valued at 2 years’ purchase of Super Profit based on average profits of the last three years. The profits for the last three years are ₹50,000, ₹55,000 and ₹60,000, respectively. The normal profits for the similar firm are ₹30,000. Goodwill already appears in the books of the firm at ₹75,000.Q. What is the value of new goodwill determined?a)₹50,000b)₹10,000c)₹30,000d)₹75,000Correct answer is option 'A'. Can you explain this answer?.

Solutions for Read the following information and answer the given questions:Rohit, Karan and Karim are partners sharing profits and losses in the ratio of 14 : 5 : 6 respectively. Karan retires and surrenders 5/25th share in favour of Rohit. The goodwill of the firm is valued at 2 years’ purchase of Super Profit based on average profits of the last three years. The profits for the last three years are ₹50,000, ₹55,000 and ₹60,000, respectively. The normal profits for the similar firm are ₹30,000. Goodwill already appears in the books of the firm at ₹75,000.Q. What is the value of new goodwill determined?a)₹50,000b)₹10,000c)₹30,000d)₹75,000Correct 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 Read the following information and answer the given questions:Rohit, Karan and Karim are partners sharing profits and losses in the ratio of 14 : 5 : 6 respectively. Karan retires and surrenders 5/25th share in favour of Rohit. The goodwill of the firm is valued at 2 years’ purchase of Super Profit based on average profits of the last three years. The profits for the last three years are ₹50,000, ₹55,000 and ₹60,000, respectively. The normal profits for the similar firm are ₹30,000. Goodwill already appears in the books of the firm at ₹75,000.Q. What is the value of new goodwill determined?a)₹50,000b)₹10,000c)₹30,000d)₹75,000Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the following information and answer the given questions:Rohit, Karan and Karim are partners sharing profits and losses in the ratio of 14 : 5 : 6 respectively. Karan retires and surrenders 5/25th share in favour of Rohit. The goodwill of the firm is valued at 2 years’ purchase of Super Profit based on average profits of the last three years. The profits for the last three years are ₹50,000, ₹55,000 and ₹60,000, respectively. The normal profits for the similar firm are ₹30,000. Goodwill already appears in the books of the firm at ₹75,000.Q. What is the value of new goodwill determined?a)₹50,000b)₹10,000c)₹30,000d)₹75,000Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Read the following information and answer the given questions:Rohit, Karan and Karim are partners sharing profits and losses in the ratio of 14 : 5 : 6 respectively. Karan retires and surrenders 5/25th share in favour of Rohit. The goodwill of the firm is valued at 2 years’ purchase of Super Profit based on average profits of the last three years. The profits for the last three years are ₹50,000, ₹55,000 and ₹60,000, respectively. The normal profits for the similar firm are ₹30,000. Goodwill already appears in the books of the firm at ₹75,000.Q. What is the value of new goodwill determined?a)₹50,000b)₹10,000c)₹30,000d)₹75,000Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Read the following information and answer the given questions:Rohit, Karan and Karim are partners sharing profits and losses in the ratio of 14 : 5 : 6 respectively. Karan retires and surrenders 5/25th share in favour of Rohit. The goodwill of the firm is valued at 2 years’ purchase of Super Profit based on average profits of the last three years. The profits for the last three years are ₹50,000, ₹55,000 and ₹60,000, respectively. The normal profits for the similar firm are ₹30,000. Goodwill already appears in the books of the firm at ₹75,000.Q. What is the value of new goodwill determined?a)₹50,000b)₹10,000c)₹30,000d)₹75,000Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following information and answer the given questions:Rohit, Karan and Karim are partners sharing profits and losses in the ratio of 14 : 5 : 6 respectively. Karan retires and surrenders 5/25th share in favour of Rohit. The goodwill of the firm is valued at 2 years’ purchase of Super Profit based on average profits of the last three years. The profits for the last three years are ₹50,000, ₹55,000 and ₹60,000, respectively. The normal profits for the similar firm are ₹30,000. Goodwill already appears in the books of the firm at ₹75,000.Q. What is the value of new goodwill determined?a)₹50,000b)₹10,000c)₹30,000d)₹75,000Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice Commerce tests.