Q8 Abhay Babu and Charu are partners sharing profits and losses equally They agree to admit Daman fo...........

Q8.Abhay, Babu and Charu are partners sharing profits and losses equally. They agree to admit Daman for equal share of profit. For this purpose, the value of goodwill is to be calculated on the basis of four years' purchase of average profit of last five years. These profits for the year ended 31st March, were: