Question

10. A firm of partner, X Y and Z has fixed capital of 60,000, 350,000 and 40,000 respectively.
1 Interest on capital is allowed @ 8% p.a. The profits of last four years before interest on capital
were : 1st year 40,000 ; Ind year * 30,000 TIIrd year * 60,000 ; IVth year 50,000. Partners
have been allowed salary of 70,000 in total during the above four years.
1
As per agreement goodwill of the firm is to be valued at 2
years of the average net profits of the
2

Answer 1

Answer:

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