Journalise the following transactions in the books of Mr. Raj Kanwan for the month of April 2020
started business with cash 100000.
Furniture 30000 & computer 50000.
purchased goods from Mr X 210000 at 15% Trade discount "10 Goods retromed to Mrx 2 1000
Sold Goods to Mr Keshav at a -Price) List price of 2 40000 at 10% Trade
Goods deturmed by Mr Keshav 2000
started business with cash 100000.
Furniture 30000 & computer 50000.
purchased goods from Mr X 210000 at 15% Trade discount "10 Goods retromed to Mrx 2 1000
Sold Goods to Mr Keshav at a -Price) List price of 2 40000 at 10% Trade
Goods deturmed by Mr Keshav 2000
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Answer:
Annu, Baby and Chetan are partners in a firm sharing profits and losses equally. They decide to take Deep
nito partnership from 1st April, 2019 for 1/5th share in the future profits. For this purpose, goodwill is to
be valued at 100% of the average annual profits of the previous three or four years, whichever is higher.
The annual profits for the purpose of goodwill for the past four years were:
Year Ended
Profit
31st March, 2019
2,88.000;
31st March, 2018
1,81,800
31st March, 2017
1,87,200
31st March, 2016
Calculate the value of goodwill.
2,53,200
(Ans.: Goodwill-
2.27,550.)
kerage Protit Met
W
rotit Method whe paet Adimetments are Made