P and Q are partners in a firm with fixed capitals of Rs 1,80,000 and 2,40,000 respectively. They admitted R as a new partner for 1/4th share in the profits of the firm. R brought 1,80,000 as his share of capital. Calculate the amount for goodwill, to be brought in by R as premium for goodwill.

₹30,000

Firm’s value = 180000*4 = 7,20,000

Hidden Goodwill = 720000 – (180000+240000+180000)

= 720000 – 600000 =1,20,000

R’s premium of Goodwill = 120000*1/4 = ₹30,000