Books of Account revealed that:Profits )1,45,0001,60,0002,00,000Calculate the value of goodwill.0 Abnormal loss of 20,000 was debited to profit and Loss Account for the year ended 31st March, 2017.(1) A fixed asset was sold in the year ended 31st March, 2018 and gain (profit) of * 25,000 was creditedto Profit and Loss Account.(ii) in the year ended 31st March, 2019 assets of the firm were not insured due to oversight. Insurancepremium not paid was 15,000.13. Geet and Meet are partners in a firm. They admit Jeet into partnership for equal share. It was agreed thatgoodwill will be valued at three years' purchase of average profit of last five years. Profits for the last fiveyears were:Profits (*)Year Ended 31st March, 2016 31st March, 2017 31st March, 2018 31st March, 2019 31st March, 202090,000 (Loss)1,60,0001,50,00065,0001,77,000Books of Account of the firm revealed that:(6) The firm had gain (profit) of 50,000 from sale of machinery sold in the year ended 31st March,2017. The gain (profit) was credited in Profit and Loss Account.(1) There was an abnormal loss of 20,000 incurred in the year ended 31st March, 2018 because of amachine becoming obsolete in accident.(ii) Overhauling cost of second hand machinery purchased on 1st July, 2018 amounting to* 1,00,000 was debited to Repairs Account. Depreciation is charged @ 20% p.a. on Written DownValue Method.Calculate the value of goodwill.Weighted Average Profit Methodthe year ended 31st March for the last five years were:2020​