Calculate goodwill on the basis of two years' purchase of average profit of last four years. Profit/Loss of last four years is given below:
2020 - Rs. 1,00,000
2021 - Rs. 1,50,000
2022 - Rs. 2,20,000
2023 - Rs. (70,000)
Additional information: Closing Stock of the year 2022 was overvalued by Rs. 20,000.
1
Rs. 2,00,000
2
Rs. 1,90,000
3
Rs. 2,10,000
4
Rs. 1,50,000