Profits of a firm for the year ended 31st March for the last five years were: (5 marks)
| Year Ended |
31st March, 2015 |
31st March, 2016 |
31st March, 2017 |
31st March, 2018 |
31st March, 2019 |
| Profits (Rs) |
20,000 |
24,000 |
30,000 |
25,000 |
18,000 |
Calculate value of goodwill on the basis of three years' purchase of Weighted Average Profit after assigning weights 1, 2, 3, 4 and 5 respectively to the profits for years ended 31st March, 2015, 2016, 2017, 2018 and 2019.