Ayub and Amit are partners in a firm and they admit Jaspal into partnership w.e.f. 1st April, 2019. They agreed to value goodwill at 3 years' purchase of Super Profit Method for which they decided to average profit of last 5 years. The profits for the last 5years were:
`{:("Year Ended",,"Net Profit (Rs.)"),("31st March, 2015",,"1,50,000"),("31st March, 2016",,"1,80,000"),("31st March, 2017",,"1,00,000 (Including abnormal loss of Rs. 1,00,000)"),("31st March, 2018",,"2,60,000 (including abnormal gain (profit) of Rs. 40,000)"),("31st March, 2019",,"2,40,000"):}`
The firm has total assets of Rs. 20,00,000 and Outside Liabilities of Rs. 5,00,000 as on date. Normal Rate of Return in similar business is `10%`.
Calculate value of goodwill.