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Q.2 On April 1" 2010, an existing firm had assets of Rs. 10,00.000 including cash of Rs. 40, 000.the firm had a Reserve Fund of Rs. 1,80,000, partner's capital accounts showed a balance of Rs. 7,60,000 and creditors amounted to Rs. 60,000, If the normal rate of return is 20% and the goodwill of the firm is valued at Rs. 1,28,000 at 4 year's purchase of super profit, find the average profits of the firm(3) |
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