Instant answer within few minutes please don't waste my turn - 8. It was agreed to calculate the value of goodwill of a firm at three years' purchase of the weighted average profits of the past four years. The appropriate weights to be used to each year ended on 31st March are : 2012 - 1; 2013 2; 2014 3; 2015 4. The profits for these years ended on 31st March are : 2012 20,200; 2013 24,800; 2014 20,000; and 2015 30,000. On a scrutiny of the accounts the following matters are revealed :- (i) On 1st December, 2013 a major repair was made in respect of the plant incurring 36,000 which amount was charged to revenue. The paid sum is agreed to be capitalised for goodwill calculation subject to adjustment of depreciation of 10% p.a. on reducing balance method. (ii) The closing stock for the year 2013 was over-valued by 32,400. (iii) To cover management cost an annual charge of 54,800 should be made for the purpose of goodwill valuation. Compute the value of goodwill