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UNIT

4
GOODWILL IN PARTNERSHIP

m
ACCOUNTS

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CHAPTER SNAPSHOT
4.1 Introduction 4.5 Classification of goodwill
4.2 Nature of good will 4.6 Methods of valuation of goodwill
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4.3 Factors determining the value of god will of 4.6.1 Average profit method
a partnership firm
4.6.2 Super profit methods
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4.4 
Need for valuation of goodwill of
4.6.3 Capitalisation method
partnership firms
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[103]

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Sura’s ➠ XII Std - Accountancy www.nammakalvi.org Unit - 4

Important Points
‰‰ Goodwill is the good name or reputation of the business which brings benefit to the business

m
‰‰ Goodwill is an intangible fixed asset. It is intangible because it has no physical existence. It
cannot be seen or touched.
‰‰ In case of partnership firms, whenever there is a change in the mutual rights of partners, the need

o
for valuation of goodwill arises.
‰‰ Goodwill may be classified into acquired goodwill and self-generated goodwill.
Annuity refers to series of uniform cash flows at regular intervals

.c
‰‰
‰‰ Only acquired goodwill can be shown in the books of accounts. Self-generated goodwill should
not be shown in the books of accounts.
‰‰ Before calculating the average profit for the purpose of valuation of goodwill, all adjustments

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such as adjustments for non-operating expenses and incomes, non-recurring expenses and
incomes and over or under-valuation of stocks must be made.
‰‰ Normal rate of return refers to the rate at which profit is earned by similar business entities in the
industry under
Unit - 4

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Self-examination questions
I Multiple Choice Questions 4. Which of the following is true?
(a) Super profit = Total profit / number of
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Choose the correct answer years

(b) Super profit = Weighted profit / number
1. Which of the following statements is true? of years
(a) Goodwill is an intangible asset (c) Super profit = Average profit – Normal
(b) Goodwill is a current asset profit
ur

(c) Goodwill is a fictitious asset (d) Super profit = Average profit × Years of
(d) Goodwill cannot be acquired purchase
[Ans. (c) Super profit = Average profit –
[Ans. (a) Goodwill is an intangible asset] Normal profit]
.s

2. Super profit is the difference between 5. Identify the incorrect pair

(a) Capital employed and average profit (a) Goodwill under - Average profit ×
(b) Assets and liabilities Average profit Number of years of
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(c) Average profit and normal profit method purchase

(d) Current year’s profit and average profit (b) Goodwill under - Super profit ×
[Ans. (c) Average profit and normal profit] Super profit method Number of years of
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purchase
3. The average rate of return of similar concerns
is considered as (c) Goodwill under - Average profit
(a) Average profit Annuity method × Present value
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annuity factor
(b) Normal rate of return
(c) Expected rate of return (c) Goodwill under - Weighted average
Weighted average profit × Number of
(d) None of these
profit method years of purchase
[Ans. (b) Normal rate of return]
[Ans. (c) 
Goodwill under Annuity method
– Average profit × Present value
 annuity factor]

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GOODWILL IN PARTNERSHIP ACCOUNTS Sura’s ➠ XII Std - Accountancy

6. When the average profit is `25,000 and the
normal profit is `15,000, super profit is
(a) `25,000 (b) `5,000
(c) `10,000 (d) `15,000
[Ans. (c) `10,000]
2. What is acquired goodwill?
Ans. Goodwill acquired by making payment in cash
or kind is called acquired or purchased goodwill.
The excess of purchase consideration over the
value of net assets acquired is treated as acquired
goodwill.

Hint : Super profit = Average profit – Normal profit
= ` 25,000 – `15,000
= `10,000
7. Book profit of 2017 is `35,000; non-recurring
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3. What is super profit?
Ans. The excess of average profit over normal profit is
called super profit. The goodwill under the super

o
income included in the profit is `1,000 and profits method is calculated by multiplying the
abnormal loss charged in the year 2017 was super profits by certain number of years purchase.

`2,000, then the adjusted profit is
(a) `36,000 (b) `35,000
(c) `38,000 (d) `34,000
[Ans. (a) `36,000]
.c
Super profit = Average profit – Normal profit
4. What is normal rate of return?
Ans. Normal rate of return refers to the rate at which

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profit is earned by similar business entities in

GOODWILL IN PARTNERSHIP ACCOUNTS

Hint : Calculation of adjusted profit : the industry under normal circumstances.
2017 5. State any two circumstances under which
Particulars goodwill of a partnership firm is valued.
`
Ans. (i) When there is a change in the profit
Book profit 35,000
oo sharing ratio
Less : Non-recurring income 1,000 (ii) When a new partner is admitted into a
firm
34,000
Add : Abnormal loss 2,000 III Short answer questions
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Ajusted profit 36,000

8. The total capitalised value of a business is
`1,00,000; assets are `1,50,000 and liabilities
are `80,000. The value of goodwill as per the
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1. State any six factors determining goodwill.
Ans. Generally, the following factors determine the
value of goodwill of a partnership firm:

(i) Profitability of the firm:

capitalisation method will be
A firm earning higher profits and having
(a) `40,000 (b) `70,000
potential to generate higher profits in
(c) `1,00,000 (d) `30,000
future will have higher value of good will.
[Ans. (d) `30,000]
.s

(ii) Good quality of goods or services offered:

Hint : Goodwill = Total capitalised value of the
average profit – Capital If a firm enjoys good reputation among
employed the customers and general public for the
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Capital employed = Current assets – Current good quality of its products or services,
liabilities the value of goodwill for the firm will be
= ` 1,50,000 – ` 80,000 high.
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= ` 70,000 (iii) Tenure of the business enterprise:

Goodwill = ` 1,00,000 – ` 70,000 A firm which has carried on business for
= ` 30,000 several years will have higher reputation
among its customers as it is better known
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II Very short answer questions to the customers.

1. What is goodwill?
Ans. Goodwill is the good name or reputation of the
business which brings benefit to the business. It
enables the business to earn more profit. It is the
present value of a firm’s future excess earnings. It is
an intangible asset as it has no physical existence.
(iv) Efficiency of management:
A firm having efficient management will
earn more profits and the value of its
goodwill will be higher compared to a firm
with less efficient managerial personnel .

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Sura’s ➠ XII Std - Accountancy www.nammakalvi.org Unit - 4

(v) Degree of competition :
In the case of business enterprises having
no competition or negligible competition,
the value of goodwill will be high
(vi) Other factors:
(iii) Actual capital employed = Fixed assets
(excluding goodwill ) + Current assets –
Current liabilities
4. Compute average profit from the following
information.

m
There are other factors which add to the 2016: `8,000; 2017: `10,000; 2018: `9,000
value of goodwill of a business such as Solution :
popularity of the proprietor, impressive Total profit
advertisements and publicity, good Average profit =
Number of years

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relations with customers, etc.
8,000+10,000+9,000
2. How is goodwill calculated under the super Average profit =

.c
profits method? 3
Ans. (i) Under these methods, super profit is the Average profit = ` 9,000
base for calculation of the value of goodwill. 5. Calculate the value of goodwill at 2 years

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Super profit is the excess of average profit purchase of average profit when average profit
over the normal profit of a business. is `15,000.
Super profit = Average profit – Normal
Solution :
profit
Goodwill = Average profit × Number of years
Unit - 4

(ii) Average profit is calculated by dividing

oo
the total of adjusted actual profits of

of purchase
= 15,000 × 2
certain number of years by the total
number of such years. Normal profit is the = 30,000
profit earned by the similar business firms Goodwill = `30,000
under normal conditions.
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(iii) Normal profit = Capital employed × IV Exercises:

Normal rate of return 1. Simple average profit method
(iv) Capital employed = Fixed assets +current The following are the profits of a firm in the
assets – Current liabilities last five years:
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(v) Normal rate of return = It is the rate at
which profit is earned by similar business
entities in the industry under normal
circumstances.
.s
2014 : `10,000; 2015 : `11,000; 2016 : `12,000;
2017 : `13,000 and 2018 : `14,000
Calculate the value of goodwill at 2 years
purchase of average profit of five years.

Solution :
3. How is the value of goodwill calculated under
the capitalisation method? Goodwill = Average profit × Number of years
 of purchase
Ans. (i) Under this method , goodwill is the excess
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of capitalised value of average profit of the Total profit

Average profit =
business over the actual capital employed Number of years
in the business.
10,000+11,000+12,000+13,000+14,000
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Goodwill =  Total capitalised value of =

the business – Actual capital 5
employed 60,000
= = ` 12, 000
(ii) The total capitalised value of the business
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5
is calculated by capitalising the average Average profit = `12, 000
profits on the basis of the normal rate of
Goodwill = Average profit × Number
return.
 of years of purchase
Capitalised value of the business
= 12,000 × 2 = 24,000
Average profit Goodwill = ` 24,000
= × 100
Normal rate of return

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Sura’s ➠ XII Std - Accountancy Unit - 4

Additional Questions and Answers

I. Multiple Choice Questions. 8. Self- generated goodwill should not be shown
in the
(i) Choose the correct answer.
(a) journal

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1. Which is the present value of a firm’s future (b) ledger
excess earnings? (c) balance sheet
(a) Fixed asset (b) Current assets (d) books of accounts

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(c) Goodwill (d) None of these
 [Ans. (d) books of accounts]
 [Ans. (c) Goodwill]
9. The total capitalised value of the business is

.c
2. Goodwill is shown under fixed assets in the
calculated by capitalising the average profits
(a) Trial balance on the basis of
(b) Balance sheet
(a) average profit
(c) Trading account

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(b) normal rate of return
(d) Profit and loss account
(c) actual capital employed
 [Ans. (b) Balance sheet]
(d) none of these
3. The monetary value of such advantage is
 [Ans. (b) normal rate of return]
Unit - 4

termed as
(a) Goodwill
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(b) Bank overdraft 10. Goodwill is to be valued when
(c) Capital (d) Cash (a) amalgamation takes place
 [Ans. (a) Goodwill] (b) a partner is admitted
4. Goodwill helps in earning more profit and (c) one company takes over another company
ab

attracts more (d) all of the above [Ans. (d) all of the above]
(a) customers (b) producers
11. Goodwill is paid for obtaining
(c) competitors (d) suppliers
(a) future profit
 [Ans. (a) customers]
(b) present benefit
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5. The profit earning capacity of the firm (c) past benefit

determines the value of its
(d) none of the above
(a) balance sheet
 [Ans. (a) future profit]
(b) goodwill
.s

(c) profit and loss account 12. Super profit is

(d) all of these [Ans. (b) goodwill] (a) excess of average profit over normal profit
6. Goodwill acquired by making payment in (b) extra profit earned
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cash or kind is called (c) average profit earned by similar companies

(a) Purchased goodwill (d) none of the above
(b) Self-generated goodwill [Ans. (a) excess of average profit over normal
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(c) Average goodwill profit]

(d) ‘a’ and ‘b’ [Ans. (a) Purchased goodwill]
13. Normal profit is
7. Which of the following method, goodwill (a) average profit earned
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is calculated by multiplying the weighted (b) profit earned by similar companies in the
average profit? same industry
(a) Super profit method (c) both ‘a’ and ‘b’
(b) Annuity
(d) none of the above
(c) Weighted average profit method
 [Ans. (b) profit earned by similar companies
(d) All of these in the same industry]
 [Ans. (c) Weighted average profit method]

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Sura’s ➠ XII Std - Accountancy www.nammakalvi.org Unit - 4

(vii) Choose the Correct Statement.
1. (i) Goodwill is shown under fixed assets in the
balance sheet.
(ii) Goodwill is an intangible asset.
(iii) Goodwill helps in earning more profit and
(iii) It cannot be separated from the business
(iv) It helps in earning more profit and attracts
more customers
(v) It can be purchased or sold only when the
business is purchased or sold in full or in

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part
attracts more customers.
(a) (i) is correct 2. What is the need for valuation of goodwill?
(b) (ii) is correct Ans. Following are the circumstances that require

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(c) (i) and (ii) are correct valuation of goodwill of partnership firms in
(d) (i), (ii) and (iii) are correct order to protects the rights of the partners

.c
 [Ans. (d) (i), (ii) and (iii) are correct] (i) When there is a change in the profit
2. (i) Goodwill acquired by making payment in sharing ratio
cash or kind is called acquired or purchased (ii) When a new partner is admitted into a
goodwill. firm

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(ii) Weighted average profit method, goodwill (iii) When an existing partner retires from the
is calculated by multiplying the weighed firm or when a partner dies.
average profit by a certain number of years (iv) When a partnership firm is dissolved
of purchase.
Unit - 4

3. Explain the classification of goodwill.

assets
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(iii) Normal profit = Capital employed × Fixed
Ans. Goodwill may be classified into acquired
(a) (i) is correct goodwill or self-generated goodwill.
(b) (i) and (ii) are correct (i) Acquired or purchased goodwill:
(c) (ii) and (iii) are correct (1) Goodwill acquired by making
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(d) (i), (ii) and (iii) are correct payment in cash or kind is called
 [Ans. (b) (i) and (ii) are correct] acquired or purchased goodwill.
(2) The excess of purchase consideration
II. Very short answer questions. over the value of net assets acquired
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1. What is Annuity? is treated as acquired goodwill.

Ans. Annuity refers to series of uniform cash flow (ii) Self – generated goodwill:
at regular intervals. The table value gives the It is the goodwill which is self generated
present value of annuity of rupee one received by a firm based on features of the
.s

at the end of every year for a specified number business such as favourable location,
of years. local customers, etc. Such self-generated
i (1 + i )
n

Annuity factor = goodwill cannot be recorded in the books

(1 + i )n − 1
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of accounts.
Where, i = interest rate 4. How is goodwill calculated under the weighted
n = estimated number of years average profit method?
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III. Short answer questions. Ans. (i) Under this method, goodwill is calculated
by multiplying the weighted average profit
1. What is the nature of goodwill?
by a certain number of years of purchase.
Ans. The nature of goodwill can be described as
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(ii) Goodwill = Weighted average profit ×

follows:
 Number of years of purchase
(i) Goodwill is an intangible fixed asset. It
(iii) In this method, weights are assigned
cannot be seen or touched.
to each year’s profit. Weighted profit is
(ii) It has a definite value depending on the ascertained by multiplying the weights
profitability of the business enterprise assigned with the respective year’s profit.

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GOODWILL IN PARTNERSHIP ACCOUNTS Sura’s ➠ XII Std - Accountancy

(iv) The sum of the weighted profits is
divided by the sum of weights assigned to
determine the weighted average profit.
Weighted average profit
Total of weighted Profits
 =
2. A partnership firm has decided to value its
goodwill for the purpose of setting a retiring
Partner. The profit of that firm for the last four
years were as follows:
2015 : `20,000; 2016 : `25,000; 2017; `24,000
and 2018: `23,000

m
Total of weights
The business was looked after by a partner.
IV. Problems. No remuneration was paid to him. The fair
remuneration of the partner valued at comes
1. The profit and losses of a firm for the last four

o
to ` 3,000 per annum.
years were as follows: Find out the value of goodwill, if it is valued
2015 : `20,000; 2016 ; `25,000; on the basis of three years purchase of the

.c
2017; `3,000 (loss) 2018; `18,000 average profit of the last four years.
You are required to calculate the amount of Solution :
Total profit
goodwill on the basis of 5 years purchase Average profit =

ks
Number of years
of average profit of the last 4 years.

GOODWILL IN PARTNERSHIP ACCOUNTS

Solution : 20, 000 + 25, 000 + 24, 000 + 23, 000
=
Goodwill = Average profit × Number of 4
 years purchase
oo 92, 000
Total profit = = `23,000
Average profit = 4
Number of years
Average profit = `23,000
20, 000 + 25, 000 - 3, 000 + 18, 000 Average profit before adjusting fair remuneration
= of the partner = `23,000
4
ab

60, 000 Less :

= Fair remuneration
4
= `15,000 of partners = 3,000
Average profit = 20,000
ur

Goodwill = Average profit × Number of Goodwill = Average profit ×

 years of purchase Number of years of
= 15,000 × 5 = 75,000 purchase
Goodwill = ` 75,000 = 20,000 × 3 = `60,000
.s

3. From the following information relating to Arul enterprises, calculate the value of goodwill on the basis
of 2 years purchase of the average profits of 3 years.
(a) Profits for the years ending 31st December 2016, 2017 and 2018 were ` 23,000 `22,000 and ` 25,000
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respectively.
(b) A non-recurring income of ` 2,500 is included in the profits of the year 2016.
(c) The closing stock of the year 2017 was overvalued by ` 5,000.
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Solution : Calculation of adjusted profit

Particulars 2016 ` 2017 ` 2018 `
Profit 23,000 22,000 25,000
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Less : Non – recurring income 2,500 – –

20,500 22,000 25,000
Less : Less over valuation of closing stock – 5,000 –
20,500 17,000 25,000
Add : Over valuation of opening stock – – 5,000
Profit after adjustments 20,500 17,000 30,000

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Sura’s ➠ XII Std - Accountancy www.nammakalvi.org Unit - 4

Total profit 5. From the following information, calculate the
Average profit = value of goodwill based on 3 years purchase of
Number of years Super profit
20, 500 + 17, 000 + 30, 000 (i) Capital employed: 1,00,000
=
3 (ii) Normal rate of return: 10%
(iii) Average profit of the business : 42,000

m
67, 500
=
3 Solution :
Average profit = `22,500 Normal profit = Capital employed × Normal
 rate of return

o
Goodwill = Average profit × Number of
= 1,00,000 × 10% = `10,000
years of purchase
Super profit =  Average profit – Normal
= 22,500 × 2 = 45,000

.c
profit
[Note : Over valuation of closing stock in 2017 = 42,000 – 10,000 = ` 32,000
will result in over valuation of opening
Goodwill =  Super profit × Number of
stock in 2018]  years of purchase

ks
4. For the purpose of admitting a new partner, = 32,000 × 3
a firm has decided to value its good will at 3
= `96,000
years purchase of the average profit of the last
4 years using weighted average method profits 6. Calculate the value of goodwill at 5 years
Unit - 4

of the past 4 years and the respective weights

are as follows.
oo purchase of super profit from the following
information
Year 2015 2016 2017 2018 (a) Capital employed : ` 60,000
Profit 40,000 44,000 48,000 56,000 (b) Normal rate of profit : 20%
(c) Net profit for 5 years
ab

Weight 1 2 3 4
Compute the value of goodwill 2014: `1,00,000; 2015: `50,000 2016: `70,000;
2017: `54,000 and 2018: `10,000
Solution :
Calculating of weighted average profit (d) Fair remuneration to the partners 3,600
per annum
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Profit Weights Weighted profit Solution :

Year Total profit
(a) ` (b) ` (a × b) `
Average profit =
2015 40,000 1 40,000 Number of years
2016 44,000 2 88,000 1, 00, 000 + 50, 000 + 70, 000
.s

2017 48,000 3 1,44,000 + 54, 000 + 10, 000

Average profit =
2018 56,000 4 2,24,000 5
Total
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10 4,96,000 2, 84, 000

Average profit = = `56,800
Weighted average profit 5
Total of weighted profits `
=
w

Total of weights Average profit before fair remuneration

to the partners 56,800
4, 96, 000
= = `49,600 Less : Fair remuneration to the partners 3,600
w

10
Goodwill = Weighted average profit × Average profit 53,200
Number of years of purchase
= 49,600 × 3 = `1,48,800

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GOODWILL IN PARTNERSHIP ACCOUNTS Sura’s ➠ XII Std - Accountancy

Normal profit = Capital employed × Normal Normal profit = 
Capital employed × Normal
 rate of returns  rate of return
= 60,000 × 20% = 1,00,000 × 15%
= `12,000 = `15,000
Super profit = Average profit – Normal profit Super profit = Average profit – Normal profit

m
= 53,200 – 12,000 = 18,000 – 15,000
= `41,200 = `3,000
Goodwill = Super profit × Number of years Goodwill = Super profit × Value of annuity

o
 of purchase = 3,000 × 2.4868
= 41,200 × 5 = `7,460.40

.c
= `2,06,000
8. From the following information, find out the
7. From the following information, compute the value of goodwill by capitalisation method:
value of goodwill as per annuity method: (a) Average profit = `60,000

ks
(a) Capital employed : `1,00,000 (b) Normal rate of return = 10%

GOODWILL IN PARTNERSHIP ACCOUNTS

(b) Normal rate of return : 15% (c) Capital employed = `5,60,000
(c) Profit of the years 2016, 2017 and 2018 Solution :
were `16,000, `18,000 and `20,000 Total capitalised value of the average profit
respectively
(d) The present value of annuity of `1 for 3
oo =
Average profit
× 100
years at 10 % is 2.4868 Normal rate of return
Solution :
Total profit 60, 000
Average profit = = ´100
ab

Number of years 10
16, 000 + 18, 000 + 20, 000 =
`6,00,000
=
3
Goodwill = Total capitalised value of
54, 000 the average profit – Capital
ur

= = `18,000
3 employed
= 6,00,000 – 5,60,000
= `40,000
.s

HOTS Questions And Answers

w

1. What is meant by number of years purchase at 3. How does the factor’s ‘quality of product’
the time of valuation of goodwill? affect the goodwill of a firm?
Ans. Number of years purchase means for how Ans. If the firm enjoys good reputations for its
w

many specific years the business will earn same product’s quality, there will be higher sales and
amount of profits because of its past efforts. the value of its goodwill will increase.
2. Why is goodwill considered as an intangible 4. How does the ‘market situation’ affect the
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asset but not a fictitious assets? value of goodwill of a firm?

Ans. Goodwill is considered as an intangible asset Ans. The monopoly condition or limited competition
because it has a realised value whereas fictitious enables the concern to earn high profits which
assets do not have a realisable value. leads to higher value of goodwill

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Sura’s ➠ XII Std - Accountancy www.nammakalvi.org Unit - 4

Value Based Questions And Answers

1. Venu and Somu are carrying on a business of 2. Kalyan and Dilip are partners in a firm
repairing electronic items. There are no other dealing in stationery items. The firm is well
technicians for repairing electronic items in managed and enjoys the advantage of being

m
the locality. As the electric supply has a lot of cost effective. It buys stationery items at
fluctuations, the equipments get damaged. reasonable cost from Dilip’s relative who is
Therefore, both the partners themselves manufacture of stationery items. The firm’s

o
do the repairing work to the satisfaction of sale outlet is situated near a school. As a
the customers. The firm donates 10% of its result, the firm is donating 10% of is profits
profits to a Charitable Hospital of the locality

for the medical treatment of persons below
poverty line. State the two factors affecting the
goodwill of the firm discussed in the above
.c
to the nearby school for the education of the
students of below poverty line. State any two
factors affecting the value of goodwill of the
firm. Also identify any two values which the

ks
para. Also identify any two values which the firm is trying to propagate.
firm is trying to propagate. Ans. The factors affecting the value of goodwill of the
Ans. The factors affecting the goodwill of the firm are firm are
(i) Location
Unit - 4

oo (i) Nature of business

(ii) Market situation (ii) Efficiently of management
The values which the firm is trying to propagate The values which the firm is trying to propagate
are are
(i) Sensitivity towards people belonging (i) Promoting education among the
to lower income group.
ab

students of below poverty line.

(ii)  Working towards customer (ii) Providing quality services to
satisfaction customers resulting in customer
satisfaction.
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
.s
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