Question - 15

Dinesh, Ramesh and suresh are partners in a firm sharing profits and losses as 3:3:2 From 1 April 2015 they agreed to their profit sharing ratio as equally their balance sheet at 31st March, 2015 was follows :

Liabilities : sundry creditors Rs. 1,50,000, General reserve Rs. 80,000, Dinesh's loan Rs. 40,000, Ramesh's Loan Rs. 30,000, Dinesh's Capital Rs. 1,00,000, Ramesh's Capital Rs. 80,000, Suresh's capital Rs. 70,000.

It is also decided that :

  1. The dixed assets should be valued of Rs. 3,31,000.
  2. A provision of 5% on sundry debtors be made for doubtful debts.
  3. The stock be reduce to Rs. 1,12,000 @ A firm earned net profit during the last five years as follows:(i) Rs. 14,000, (ii) Rs. 17,000, (iii) Rs. 20,000, (iv) Rs. 22,000 (v)  Rs. 27,000. 
Findout all the value of goodwill of the business if it is based on half of 4 years purchase among profit month.

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