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 the following information-
Profits of the last 4 years is:
2016- ₹70000
2017- ₹100000
2018- ₹55000 (loss)
2019- ₹145000

If firm had abnormal gain of ₹10000 for the year 2016, then what will be the net profit for particular year for calculating goodwill of the firm?

₹60000

Abnormal gain is deducted from profit to find out profit for the goodwill.
PROFIT- 70000
Abnormal gain- 10000
CORRECT NET PROFIT- 70000-10000= ₹60000