A and B are partners sharing profits equally. They admit C into partnership for equal share with a guaranteed profit of ₹20000 per year. The books of the firm revealed following information-
Profits of the last 4 years is:
2016- ₹70000
2017- ₹100000
2018- ₹55000(loss)
2019- ₹145000

What is goodwill of the firm if it is calculated at 2 years purchase of average profit of last 4 years?

₹130000

TOTAL PROFIT= 70000+100000-55000+145000 =₹260000
AVERAGE PROFIT= 260000/4= ₹65000
GOODWILL = 65000*2 = ₹130000