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Model Test Papers                                                             M.15

                             (ii)  Goodwill  at  2  Years’  Purchase  of  Super  Profit:
                                      Normal  Profit = Capital  Employed  ×  Normal  Rate  of  Return/100
                                                                  15
                                                  =  ` 4,00,000  ×   =  ` 60,000
                                                                 100
                                       Super  Profit = Average  Profit  –  Normal  Profit
                                                  =  ` 1,20,000 –  ` 60,000 =  ` 60,000
                                          Goodwill = Super  Profit  × Number of Years’ Purchase
                                                   = ` 60,000  × 2 =  ` 1,20,000.
                            (iii)  Goodwill  under  Capitalisation  of  Super  Profit:

                                                                         100
                                          Goodwill = Super  Profit  ×
                                                                  Normal Rate of Return
                                                               100
                                                  =  ` 60,000  ×    =  ` 4,00,000.
                                                                15
                       6.
                     Dr.                              REALISATION ACCOUNT                             Cr.
                     Particulars                         `      Particulars                         `
                     To  Debtors A/c                   1,70,000   By  Sundry Creditors A/c         80,000
                     To  Stock A/c                     1,50,000   By  Ram’s Brother’s Loan A/c      80,000
                     To  Investments A/c               2,50,000   By  Provision for Doubtful Debts A/c      20,000
                     To  Building A/c                  2,50,000   By  Investment Fluctuation Fund A/c      50,000
                     To  Goodwill A/c                  1,00,000   By  Bank A/c (Assets Realised)
                     To  Ram’s Capital A/c (Ram’s Brother’s Loan)     80,000      Debtors (` 1,70,000 – ` 50,000)  1,20,000
                     To  Bank A/c:                                 Investments (80% of 2,50,000)  2,00,000
                        Creditors (` 80,000 – ` 20,000)      60,000      Goodwill (60% of 1,00,000)   60,000
                     To  Bank A/c (Realisation Expenses)      20,000      Building (` 3,00,000 – ` 10,000)  2,90,000
                                                                   Stock (WN 2)           50,000   7,20,000
                                                                By  Rahim’s Capital A/c (WN 1)      40,000
                                                                By  Loss transferred to:
                                                                   Ram’s Capital A/c      72,000
                                                                   Rahim’s Capital A/c    18,000   90,000
                                                       10,80,000                                    10,80,000

                     Dr.                            PARTNERS’ CAPITAL ACCOUNTS                        Cr.
                     Particulars                Ram (`)  Rahim (`)   Particulars          Ram (`)  Rahim (`)
                     To  Profit and Loss A/c     80,000   20,000   By  Balance b/d       5,00,000  4,00,000
                     To  Realisation A/c (Stock)    ...   40,000   By  Realisation A/c (Brother’s Loan)    80,000   ...
                     To  Realisation A/c (Loss)   72,000   18,000
                     To  Bank A/c (Final Payment)   4,28,000  3,22,000
                                                5,80,000  4,00,000                       5,80,000   4,00,000
                     Dr.                              RAHIM’S LOAN ACCOUNT                            Cr.

                     Particulars                          `     Particulars                         `
                     To  Bank A/c                        30,000   By  Balance b/d                  30,000
                                                         30,000                                    30,000
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