Partnership
This query is : Resolved
06 May 2010
The profits for 1999-98 are Rs.2000;for 1999-2000 is Rs.26100;and for 2000-01 is Rs.31200.Closing stock for 1999-2000 and 2000-01 includes the defective items of Rs.2,200 and 6,200 respectively which were considered as having market value nil.wat would be the good will on average profit method?
06 May 2010
Year Net profit defective items in Cl stock Adj net profit
1998-1999 2,000.00 2,000.00
1999-2000 26,100.00 2,200.00 23,900.00
2000-01 31,200.00 4,000.00 27,200.00(6200-2200of the year 1999-2000)
Total Profit 53,100.00
Ave profit 17,700.00
1998-1999 2,000.00 2,000.00
1999-2000 26,100.00 2,200.00 23,900.00
2000-01 31,200.00 4,000.00 27,200.00(6200-2200of the year 1999-2000)
Total Profit 53,100.00
Ave profit 17,700.00
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