P purchased business from Q on 30th June, 2019. Profit earned by Q for the preceding years ending on 31 st December every year were: 2016- ₹41,000, 2017-₹40,000 and 2018- ₹42,000. It was ascertained that profits of 2017

P purchased business from Q on 30th June, 2019. Profit earned by Q for the preceding years ending on 31 st December every year were: 2016- ₹41,000, 2017-₹40,000 and 2018- ₹42,000. It was ascertained that profits of 2017 included a non-recurring item of ₹1,500 and profit of 2018 was reduced by ₹2,000 due to an extraordinary loss on account of theft. The annual premium was ₹200 per annum. P at the time of purchasing the business, was employed with Sufitel Associates and was getting ₹500 p.m. He intends to replace the manager who at the present is getting ₹350 p.m. The goodwill is calculated at 2 years purchase of the average profits. Calculate the goodwill of the business: