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Cook, Broad, and Prior are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Prior is guaranteed an annual profit of ₹ 1,00,000 by the other partners. During the year ended 31st March 2023, the firm incurred a loss of ₹ 60,000.

Their respective capitals as on 1st April, 2022 were ₹ 6,00,000; ₹ 4,00,000 and ₹ 2,00,000.

You are required to show the necessary accounts giving effect to the above.

Anurag Pathak Changed status to publish April 20, 2024
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