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Important Questions

Partnership Accounts : Goodwill- Concept and Valuation

ICSE · Class 12 · Accountancy

Most important questions from Partnership Accounts : Goodwill- Concept and Valuation for ICSE Class 12 Accountancy board exam 2026. MCQs, short answer, and long answer questions with marks.

47 questions30 flashcards5 concepts

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47 Questions·
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Sample Questions

1multiple choice
3 marks

A firm has capital employed of ₹4,00,000 and average profit of ₹72,000. Normal rate of return is 15%. What is the goodwill by capitalisation of super profit method?

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₹80,000

Normal profit = ₹4,00,000 × 15/100 = ₹60,000. Super profit = ₹72,000 - ₹60,000 = ₹12,000. Goodwill = ₹12,000 × 100/15 = ₹80,000.

2multiple choice
1 marks

Goodwill is an intangible asset in a profit-seeking business. Which statement about goodwill is correct?

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It cannot be seen or touched but can be felt

Goodwill is intangible, so it cannot be seen or touched. It still has value in a profit-seeking business.

3multiple choice
1 marks

The goodwill of a business is best described as the value of its _____.

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reputation

Goodwill is the value of the reputation of a firm that helps it earn higher profits.

4multiple choice
1 marks

Which definition of goodwill says that it is the probability that old customers will resort to the old place?

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Lord Eldon

Lord Eldon is credited with that definition of goodwill.

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Frequently Asked Questions

What are the important topics in Partnership Accounts : Goodwill- Concept and Valuation for ICSE Class 12 Accountancy?
Key topics in Partnership Accounts : Goodwill- Concept and Valuation include Correct vs Incorrect: Adjustments to Calculate Actual Average Profit, Goodwill: Complete Concept Map, Goodwill — Complete Chapter Overview. These are the concepts ICSE Class 12 examiners draw on most — study them first, then practise related questions.
How to score full marks in Partnership Accounts : Goodwill- Concept and Valuation — ICSE Class 12 Accountancy?
Understand the core concepts first, then work through the 47 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.
How many important questions are there in Partnership Accounts : Goodwill- Concept and Valuation?
There are 47 practice questions available for Partnership Accounts : Goodwill- Concept and Valuation. These cover multiple question types including MCQs, short answer, and long answer questions.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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