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3].Following is the balance sheet of Eknath and Ragunath Balance Sheet as on 31st March 2009 Liabilities Amount Rs.

Assets Capital Accounts Machinery Eknath 1,80,000 Computer Ragunath 1,20,000 Stock in Trade Profit & Loss A/C 30,000 Debtors Creditors 46,500 Cash Bank overdraft 43,500 4,20,000

5marks Amount Rs. 1,80,000 30,000 1,35,000 63,000 12,000 4,20,000

The Profits and Losses for last 5years were: Years 2003-04 2004-05 2005-06 2006-07 2007-08 Rs. 75,000(profit) 90,000(profit) 36,000(profit) 6,000(Loss) 30,000(profit) You are required to calculate the value of goodwill at 5years of Super Profit assuming that the normal rate of return is 10% on capital employed in the similar business.

5marks 3].Following is the balance sheet of Eknath and Ragunath Balance Sheet as on 31st March 2009 Liabilities Amount Rs. Assets Capital Accounts Machinery Eknath 1,80,000 Computer Ragunath 1,20,000 Stock in Trade Profit & Loss A/C 30,000 Debtors Creditors 46,500 Cash Bank overdraft 43,500 4,20,000 Amount Rs. 1,80,000 30,000 1,35,000 63,000 12,000 4,20,000

The Profits and Losses for last 5years were: Years 2003-04 2004-05 2005-06 2006-07 2007-08 Rs. 75,000(profit) 90,000(profit) 36,000(profit) 6,000(Loss) 30,000(profit) You are required to calculate the value of goodwill at 5years of Super Profit assuming that the normal rate of return is 10% on capital employed in the similar business

E-Tech Academy
Date: 1/7/11 Time: 30min Total marks: 20
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10marks 1].Sangam Trading Co. purchased some machinery on 1 April, 1986 costing Rs.88,000 and spent Rs.2,000 on its erection. On 30th September,1986 an additional machinery is purchased for Rs.10,000. On 31st March,1988 a part of the machinery was sold for Rs.2,100 which had a cost price of Rs.4,000 on 1st April,1986. Prepare Machinery A/C for the years 1986-87, 1987-88 and 1988-99 and pass Journal entries for the year 1987-88 assuming that machinery is depreciated at 10% p.a. on Diminishing Balance Method on 31st March each year. 5marks 2].The present average net profit of the Praful, shobha partnership firm before deducting partners remuneration is Rs.27,000 p.a. The capital employed in the business by the partners Praful Rs.1,00,000; Shobha Rs.50,000. The profit expected from the total capital invested is 10% p.a. The total remuneration of the partners is estimated to be Rs.6,000 p.a. Find out the value of goodwill on the basis of 2years purchases of super profits.

E-Tech Academy
Date: 1/7/11 Time: 30min Total marks: 20 10mark 1].Sangam Trading Co. purchased some machinery on 1st April, 1986 costing Rs.88,000 and spent Rs.2,000 on its erection. On 30th September,1986 an additional machinery is purchased for Rs.10,000. On 31st March,1988 a part of the machinery was sold for Rs.2,100 which had a cost price of Rs.4,000 on 1st April,1986. Prepare Machinery A/C for the years 1986-87, 1987-88 and 1988-99 and pass Journal entries for the year 1987-88 assuming that machinery is depreciated at 10% p.a. on Diminishing Balance Method on 31st March each year. 5marks 2].The present average net profit of the Praful, shobha partnership firm before deducting partners remuneration is Rs.27,000 p.a. The capital employed in the business by the partners Praful Rs.1,00,000; Shobha Rs.50,000. The profit expected from the total capital invested is 10% p.a. The total remuneration of the partners is estimated to be Rs.6,000 p.a. Find out the value of goodwill on the basis of 2years purchases of super profits.