P, Q, and R entered into a partnership on 1st April 2018 to share profit and losses in the ratio of 12 : 8 : 5. It was provided that in no case R’s share in profit would be less than ₹ 30,000 p.a

P, Q, and R entered into a partnership on 1st April 2018 to share profit and losses in the ratio of 12 : 8 : 5. It was provided that in no case R’s share in profit would be less than ₹ 30,000 p.a. The profits and losses for the year ended 31st March, were: 2021 Profit ₹ 1,20,000; 2022 Profit ₹ 1,80,000; 2023 Loss ₹ 1,20,000.

Pass the necessary Journal entries in the books of the firm