yash and karan were partners in an interior designer firm. their fixed capitals were Rs. 600000 and Rs. 400000 respectively . there were credit balances in their current account of Rs. 400000 and Rs. 500000 respectively. the firm had a balance of Rs. 100000 in general reserve. the firm did not have any liability . they admitted radhika into partnership for 1/4 th share in profits of the firm. the average profits of the form for the last 5 years were Rs. 500000. calculate the value of goodwill in the firm by capitalisation of average profit method. the normal rate of return in the business is 10%. .
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