12th Class
Accountancy
Goodwill
Question Bank
MCQs - Goodwill : Nature And Valuation
question_answer
The net profits for the last 3 years were: 2018-19 Rs.82,000; 2019-20 Rs.62,200 and 2020-21 Rs.70,000. On 1st October 2019, a Minor Repair to Machinery amounting to Rs.10,000 was wrongly debited to Machinery Account. Depreciation on Machinery was charged @ 20% p.a. on written down value method including repairs. Simple average profit will be: