A, B and C are in partnership sharing profits and losses in the ratio of 2 : 2: 1 respectively. It was agreed that in case of retirement or death of a partner, the value of goodwill shall be determined at 1.5 years’ purchase of the average profits of the last four years. C retired from his business w.e.f. 1.7.2018 and the following matters came up for consideration in connection therewith:

(i) Capital expenditure of ₹30,000 incurred on 15.11.2014, wrongly debited to Purchase Account is to be written back and depreciation at 10% is to be charged annually on the closing balance on reducing balance method.

(ii) No adjustment was made for goods worth ₹10,000 taken over by A on 28.2.2018. 

(iii) The profits for four years ended on 30th June : 2015, 2016, 2017, 2018 were ₹1,20,000, ₹1,50,000, ₹1,40,000, ₹1,60,000 respectively.

(iv) C’s Capital Account stood at ₹5,50,000 as on 30.6.2018.

You are required to draw up the Capital Account of C and to find out the amount finally due to him