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

If repairs of ₹50000 were wrongly debited to the vehicle account on 1st May,2017, then what will be the correct profit for calculating goodwill for particular year?

₹105000 loss

Wrongly debit makes the profit of the year higher, so it will be deducted from the profit of that year.
PROFIT OF 2018- 55000 loss
CORRECT PROFIT= (55000) LOSS -50000 = ₹105000(LOSS)