L, M and N were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 1st April, 2018 they admitted S as a new partner in the firm. for 1/5th share in the profits. On S's admission the goodwill of the firm was valued at 3 years' purchase of last five years average profits. The profits during the last five years were: Year ended 31 st March Profit (*) 2014 4,00,000 2015 3,00,000 2016 2,00,000 2017 50,000 2018 (50,000)
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