: 4G Stay Home Question 2: After formation of the partnership firm as per Question 1, your business gets development and growth based on your skills and experience. Business is always competitive in nature and it needs progress and high performance to stay alive in the market. As you know most of the companies or industries listed as top performers based on the performance over a period. Even in Oman, there are a list of companies secures top positions based on their survival of performance like Bhawan group of companies. All sort of topmost companies or the least companies will be listed based on various calculations done. It reflects in the final accounts of businesses each year and specifically by considering the value of goodwill. The goodwill is the significant reflection factor of any business image, reputation, performance etc. So, as per the accounting principles and standards, the businesses include company, industry etc used to calculate the goodwill and prepare final accounts to evaluate the performance and to know the financial position of a business, and the partnership firm is no exception in this. So, keeping in mind as a partner of your firm, analyze the following and provide your views by explaining them. a) If you are following super profit method to calculate the value of goodwill, define it in the form of steps and illustrate with your own example. (4 Marks) b) Do you think that the concept of final accounts and dual treatment of various adjustments relating to the partnership and other businesses are same or different? Describe it with suitable points and state examples necessary (6 Marks) (10 Marks) (Word Limit 300-600)