OMTEX CLASSES: State the amount of goodwill, if goodwill is to be valued on the basis of 2 years’ purchase of last year’s profit. Profit of the last year was Rs.20,000.

State the amount of goodwill, if goodwill is to be valued on the basis of 2 years’ purchase of last year’s profit. Profit of the last year was Rs.20,000.

Ans. Rs.40,000

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