A business has earned average profit of ₹4,00,000 during the last few years and the normal rate of return in similar business is 10%. Find value of goodwill by:

(i) Capitalisation of Super Profit Method, and

(ii) Super Profit Method if the goodwill is valued at 3 years’ purchase of super profits.

Assets of the business were ₹40,00,000 and its external liabilities ₹7,20,000. (Delhi 2013C)