Dinesh and Mahesh are partners sharing profits and losses in the ratio of 3 : 2. They admit Ramesh into partnership for 1/4th share in profits. Ramesh brings in his share of goodwill in cash

Dinesh and Mahesh are partners sharing profits and losses in the ratio of 3 : 2. They admit Ramesh into partnership for 1/4th share in profits. Ramesh brings in his share of goodwill in cash. Goodwill for this purpose was calculated at two year’s purchase of the weighted average normal profit of past three years. Weights being assigned to each year were 2021 – 1: 2022 – 2 and 2023 – 3. Profits of the last three years were:

2021 – Profit – ₹ 50,000 (including profits on sale of assets ₹ 5,000).

2022 – Loss ₹ 20,000 (including loss by fire – ₹ 35,000).

2023 – Profit – ₹ 70,000 (including insurance claim received ₹ 18,000 and interest on investments and dividend received ₹ 8,000).

Calculate the value of goodwill. Also, calculate the goodwill brought in by Ramesh.