Goodwill of a firm is to be valued at two years' purchase of three years' average profits. The profits of the last three years were: 2015—OMR 30,000, 2016—OMR 40,000 & 2017—OMR 35,000. Calculate the amount of goodwill.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Goodwill of a firm is to be valued at two years' purchase of three years' average profits. The profits of the last three years were: 2015—OMR 30,000, 2016—OMR 40,000 & 2017—OMR 35,000. Calculate the amount of goodwill.
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