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Q10.Bhaskar and Pillai are partners sharing profits and losses in the ratio of 3 : 2. They admit Kanika into partnership for 1/4th share in profit. Kanika brings in her share of goodwill in cash. Goodwill for this purpose is to be calculated at two years' purchase of the average normal profit of past three years. Profits of the last three years ended 31st March, were:
2017 - Profit 50,000 including profit on sale of assets 5, 000
2018 - Loss 20,000 including loss by fire 30, 000
2019 - Profit 70,000 including insurance claim received 18, 000and interest on investments and Divid end received 8, 000
Calculate the value of goodwill. Also, calculate goodwill brought in by Kanika.
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