A, B, C and D are partners sharing profits in the ratio of 4 : 3 : 2 : 1. D is given a guarantee that his share of profits in any given year would not be less than ₹ 1,20,000

A, B, C and D are partners sharing profits in the ratio of 4 : 3 : 2 : 1. D is given a guarantee that his share of profits in any given year would not be less than ₹ 1,20,000. The profits for the year ended 31st March, 2023 amounted to ₹ 8,40,000. Pass necessary entries in the books of the firm.

[Ans. Final share in profits : A ₹ 3,20,000; B ₹ 2,40,000; C ₹ 1,60,000 and D ₹ 1,20,000.]