Calculate the goodwill of a firm on the basis of three years' purchase of the weighted average profit of the last four years. The appropriate weights to be used and profits are: Year 2014-15 2015-16 2016-17 2017-18 Profit (₹) 1,01,000 1,24,000 1,00,000 1,40,000 Weight 1 2 3 4 On a scrutiny of the accounts, the following matters are revealed:(i) On 1st December, 2016, a major repair was made in respect of the plant incurring ₹ 30,000 which was charged to revenue. The said sum is agreed to be capitalised for goodwill calculation subject to adjustment of depreciation of 10% p.a. on reducing balance method.(ii) The closing stock for the year 2015-16 was overvalued by ₹ 12,000.(iii) To cover management cost, an annual charge of ₹ 24,000 should be made for the purpose of goodwill valuation.(iv) In 2015-16, a machine having a book value of ₹ 10,000 was sold for ₹ 11,000 but the proceeds were wrongly credited to Profit and Loss Account. No effect has been given to rectify the same. Depreciation is charged on machine 10% p.a. on reducing balance method.