Question

Kay Brothers' had assets of 1,50,000 on 31" December, 2008. On the same date,
capital of the firm was 1,20,000
and balance consists of reserves and surplus. Goodwill is valued at 20,000 at two years' purchase of average super
profits. The expected rate of return in the industry is 10%. Calculate average profits of 'Kay Brothers'.​

Answer 1

Explanation:

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