Profit for year: 80,000. Add back: wrongly charged repair = 10,000. Less: Depreciation on 10,000 @ 10% for 9 months (July to March) = 10,000 x 10% x 9/12 = 750. Adjusted Profit = 80,000 + 10,000 - 750 = Rs. 89,250.
Calculate the amount of adjusted profit for the year ended 31 March 2021 for the purpose of valuation of Goodwill from the following information:…
CUET UG 2022 — Accountancy Partnership
2022mcqhard
Calculate the amount of adjusted profit for the year ended 31 March 2021 for the purpose of valuation of Goodwill from the following information:
Profit for the year ended 31 March 2021: Rs. 80,000
On 1 July, 2020, a major plant repair was undertaken for Rs. 10,000 which was charged to Revenue. The said sum is to be capitalised for Goodwill valuation subject to adjustment of depreciation @ 10 % p.a. on reducing balance method.
Official previous-year question
Held on 20 Aug 2022 · Verified 13 Jul 2026.
Options
- A
Rs. 90,000
- B
Rs. 89,000
- C
Rs. 89,750
- D
Rs. 89,250
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