Mambir and Nimrat are partners and they admit Anahat into partnership. It was agreed to value goodwil at three years' purchase on Weighted Average Profit Method taking profits of last five years. Weights assigned to each year as 1, 2, 3 and 5 respectively to profits for the year ended 31st March, 2015 to 2019. The profits for these years were: Rs. 70,000, Rs. 1,40,000, Rs. 1,00,000, Rs. 1,60,000 and Rs. 1,65,000 rspectively.
Scrutiny of books of account revealed following information:
(i) There was an abnormal loss of Rs. 20,000 in the year ended 31st March, 2015.
(ii) There was and abnormal gain (profit) of Rs. 30,000 in the year ended 31st March, 2016.
(iii) Closing Stock as on 31st March, 2018 was overvalued by Rs. 10,000.
Calculate the vlaue of goodwill.