Jeevan and Kavi were partners in a firm with capitals of ₹12,00,000 and ₹15,00,000 respectively. Annual salary of the partners was ₹2,00,000 each. The market rate of interest was 10%. During the previous three years the profits were ₹8,00,000, ₹9,00,000 and ₹7,00,000. The goodwill of the firm is to be valued at 2 year’s purchase of the last 3 year’s average super profits.   

Calculate the goodwill of the firm. 

Marks-3, CBSE: 2024-25/Zone-6/Set-1/Q-20