Q. X sold his business to Y .  Calculate the value of the Goodwill taking in the consideration the following factors : 
(i)  Goodwill is valued at three years purchase of the average profits of the last four years . Profit of the last four years  were as : year 2009 --- Rs. 40,000, year  2010 --- Rs. 58,000, year 2011 --- Rs. 53,000, year 2012 --- Rs. 62,000.
(ii) Abnormal loss of Rs. 2000 due to theft has  reduced the profits of the year 2009.
(iii) Profits for the year 2010 include abnormal profit of Rs. 4,000.
(iv) A speculative and lottery profit of Rs. 5,000 was received during the year 2011 which was included in that year's profit.
​(v) Profits of the year 2012 were reduced by Rs. 10,000 on such a machinery which was destroyed by fire during the year.