the premium for goodwill to be valued on the basis of two years purchase of last three years avarage profits stated below
08-09 rs 10000
09-10 rs 12000
10-11 rs 15000
last three books of account to be rectified and discrepancies if any found therin to be adjusted
- 08-09 - Bad debt previously written off and recovered rs 800/- credited to the debtors account . closing stock under valued by 2500/-
- 09-10 - furniture purchased ra 600/- debited to purchase account . depreciation at 10% on reduceing balanceing method is chargeable. clseing stock overstated bu rs 4000/-
- 10-11 - A purchase invoice of rs 2001/- was omitted from the book. closing stock under valued by 2000/-
pls give me correct profits and good will value
CAclubindia
