CBSE-CLASS-XII SERIES Accountancy
Goodwill
7 previous year questions.
Volume: 7 Ques
Yield: Medium
High-Yield Trend
7
2025 Chapter Questions 7 MCQs
01
PYQ 2025
medium
accountancy ID: cbse-cla
Neeru and Pooja were partners in a partnership firm sharing profits and losses in the ratio of 4 : 3. The firm earned average profits of during the last few years. The normal rate of return in a similar business is 10%. The average super profits of the firm were . The amount of capital employed by the firm was:
1
(₹ 90,00,000\)
2
(₹ 40,00,000\)
3
(₹ 50,00,000\)
4
(₹ 10,00,000\)
02
PYQ 2025
medium
accountancy ID: cbse-cla
Pulkit and Ravinder were partners in a firm sharing profits and losses in the ratio of 3 : 2. Sikander was admitted as a new partner for share in the profits of the firm. Pulkit, Ravinder and Sikander decided to share future profits in the ratio of 2 : 2 : 1. Sikander brought ₹ 5,00,000 as his capital and ₹ 10,00,000 as his share of premium for goodwill. The amount of premium for goodwill that will be credited to the old partners’ capital accounts will be:
1
Pulkit’s Capital Account ₹ 10,00,000
2
Pulkit’s Capital Account ₹ 6,00,000 and Ravinder’s Capital Account ₹ 4,00,000
3
Pulkit’s Capital Account ₹ 5,00,000 and Ravinder’s Capital Account ₹ 5,00,000
4
Pulkit’s Capital Account ₹ 2,00,000
03
PYQ 2025
medium
accountancy ID: cbse-cla
Suhas and Vilas were partners in a firm with capitals of ₹ 4,00,000 and ₹ 3,00,000 respectively. They admitted Prabhas as a new partner for share in future profits. Prabhas brought ₹ 2,00,000 as his capital.
Prabhas’ share of goodwill will be:
Prabhas’ share of goodwill will be:
1
₹ 1,00,000
2
₹ 10,00,000
3
₹ 9,00,000
4
₹ 20,000
04
PYQ 2025
hard
accountancy ID: cbse-cla
The capital of the firm of Rajat and Karan is ₹ 15,00,000 and the market rate of interest is 12%. Annual salary of Rajat and Karan is ₹ 20,000 and ₹ 30,000 respectively. The profits for the last three years were ₹ 2,40,000, ₹ 2,80,000 and ₹ 3,20,000. Goodwill of the firm is to be valued on the basis of two years’ purchase of last three years’ average super profits. Calculate the goodwill of the firm.
1
₹ 2,00,000
2
₹ 1,60,000
3
₹ 1,20,000
4
₹ 3,00,000
05
PYQ 2025
medium
accountancy ID: cbse-cla
The capital of the firm of Seema and Avi is ₹ 12,00,000 and the market rate of interest is 10%. Salary of each partner is ₹ 10,000 per annum. The profits for the last four years were ₹ 3,00,000, ₹ 4,00,000, ₹ 5,00,000 and ₹ 4,00,000 respectively. Goodwill of the firm is to be valued on the basis of three years purchase of last four years average super profits. Calculate the goodwill of the firm.
06
PYQ 2025
medium
accountancy ID: cbse-cla
Chandan, Deepak and Elvish were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 2. Their Balance Sheet as at 31st March, 2024 stood as follows:
Chandan retired from the firm on 1st April, 2024 on the following terms:
[(i)] Fixed assets were to be depreciated by 10%.
[(ii)] Debtors of ₹ 30,000 were to be written off as bad debts.
[(iii)] Goodwill of the firm was valued at ₹ 6,00,000 and the retiring partner’s share is adjusted through the capital accounts of the remaining partners.
[(iv)] Chandan was paid through cash brought in by Deepak and Elvish in such a way so as to make their capitals proportionate to their new profit sharing ratio. Prepare Revaluation Account and Partners’ Capital Accounts.
Balance Sheet of Chandan, Deepak and Elvish as at 31st March, 2024
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Capitals: | Fixed Assets | 27,00,000 | |
| Chandan | 7,00,000 | Stock | 3,00,000 |
| Deepak | 5,00,000 | Debtors | 2,00,000 |
| Elvish | 3,00,000 | Cash | 1,00,000 |
| General Reserve | 4,50,000 | ||
| Creditors | 13,50,000 | ||
| Total | 33,00,000 | Total | 33,00,000 |
[(i)] Fixed assets were to be depreciated by 10%.
[(ii)] Debtors of ₹ 30,000 were to be written off as bad debts.
[(iii)] Goodwill of the firm was valued at ₹ 6,00,000 and the retiring partner’s share is adjusted through the capital accounts of the remaining partners.
[(iv)] Chandan was paid through cash brought in by Deepak and Elvish in such a way so as to make their capitals proportionate to their new profit sharing ratio. Prepare Revaluation Account and Partners’ Capital Accounts.
07
PYQ 2025
medium
accountancy ID: cbse-cla
The capital of the firm of Sumit and Asha is ₹ 20,00,000 and the market rate of interest is 12%. Salary of each partner is ₹ 20,000 per annum.
The profits of the last three years were ₹ 3,00,000, ₹ 2,60,000 and ₹ 4,00,000 respectively.
Goodwill of the firm is to be valued on the basis of four years' purchase of last three years’ average super profits.
Calculate the goodwill of the firm.
The profits of the last three years were ₹ 3,00,000, ₹ 2,60,000 and ₹ 4,00,000 respectively.
Goodwill of the firm is to be valued on the basis of four years' purchase of last three years’ average super profits.
Calculate the goodwill of the firm.
About Goodwill - CBSE-CLASS-XII
Goodwill is a vital chapter for CBSE-CLASS-XII aspirants. Mastering the concepts covered in this chapter is essential for securing a top rank.
By rigorously practicing the previous year questions associated with this chapter, you can identify high-yield topics, understand the examiner's perspective, and boost your confidence during the actual exam.
Frequently Asked Questions
Why focus on Goodwill PYQs?
Analyzing PYQs for this specific chapter reveals the most frequently tested concepts and the typical complexity of questions, allowing you to tailor your study plan efficiently.
How to best use this analysis?
Review the topic breakdown to see which sub-topics within Goodwill carry the most weight. Then, tackle the questions iteratively to solidify your understanding.