16.
Yash and Karan were partners in an interior designer firm. Their fixed
capitals were * 6,00,000 and 4,00,000 respectively. There were credit
balances in their current accounts of 5 4,00,000 and 5,00,000
respectively. The firm had a balance of 1,00,000 in General Reserve.
The firm did not have any liability. They admitted Radhika into
partnership for Ith share in the profits of the firm. The average profits
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of the firm for the last five years were 5,00,000. Calculate the value of
goodwill of the firm by capitalization of average profits method. The
normal rate of return in the business is 10%.
OR
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