Pearl and Ruby were partners in a firm with a combined capital of Rs. 2,50,000. The normal rate of return was 10%. The profits of the last four years were as follows:
| Rs. | |
|---|---|
| 2019 20 | 35,000 |
| 2020 21 | 25,000 |
| 2021 22 | 32,000 |
| 2022 23 | 33,000 |
The closing stock for the year 2022 23 was overvalued by Rs. 5,000. Calculate the goodwill of the firm based on three years’ purchase of the last four years’ average super profit.
Marks-3, CBSE: 2023-24/Zone-1/Set-1/Q-18
Answer :
