Question : H and S share Profit & Loss equally. Their capitals were Rs.1,20,000 and Rs. 80,000 respectively. There was also a balance of Rs. 30,000 in General reserve and revaluation loss amounted to Rs. 15,000. They admit friend T with 1/5 share. T brings Rs.90,000 as capital. Calculate the amount of goodwill of the firm.
Option 1: Rs. 85,000
Option 2: Rs. 1,45,000
Option 3: Rs. 20,000
Option 4: None of the above
Answer (1)
18th Jan, 2024
Correct Answer: Rs. 1,45,000
Solution : Answer = Rs. 1,45,000
Goodwill = 4,50,000 (90,000 x 5) - (1,20,000 + 80000 + 30,000 - 15000 + 90,000)
= 4,50,000 - 305000 = 1,45,000.
Hence, the correct option is 2.
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