Calculate the value of goodwill at 2 years purchase of the average profit of the last 3 years. The profit for the first year was Rs. 50,000, for second year twice the profit of first year and for the third year one and half times the profit of the second year.
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Explanation:
Profit for first year = 50000
Profit for second year = 100000
Profit for 3 year = 150000
A.p = 300000/3= 100000
Goodwilll= 2× 100000
= 200000
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