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Purav and Purvi are partners in a firm sharing profits and losses in the ratio of 2 : 1. They decide to take Parv into partnership for 1/4th share on 1st April, 2019. For this purpose, goodwill is to be valued at four times the average annual profit of the previous four or five years, whichever is higher. The agreed profits for goodwill purpose of the past five years are:
Year
2014-15
2015-16
2016-17
2017-18
2018-19
Profits
14,000
15,500
10,000
16,000
15,000
Calculate the value of goodwill.
By: NIHARIKA WALIA ProfileResourcesReport error
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