On 1st April, 2023, a firm had assets of ₹ 7,50,000 including cash of ₹ 50,000. Its creditors amounted to ₹ 50,000 on that date. The firm had a reserve fund of ₹ 1,00,000 while Partner’s Capital Accounts showed a balance of ₹ 6,00,000

On 1st April, 2023, a firm had assets of ₹ 7,50,000 including cash of ₹ 50,000. Its creditors amounted to ₹ 50,000 on that date. The firm had a reserve fund of ₹ 1,00,000 while Partner’s Capital Accounts showed a balance of ₹ 6,00,000. If the normal rate of return is 20% and the goodwill of the firm is valued at ₹ 2,40,000, at 4 year’s purchase of Super Profit, find the Average Profit per year of the existing firm.