Xen, Sam, and Tim are partners in a firm. For the year ended 31st March 2022, the profit of the firm ₹ 12,00,000 was distributed equally among them, without giving effect to the following terms of the partnership deed:
Solution:- Note:- 1. Profit wrongly distributed earlier in 1 : 1 : 1 is reversed in first country. 2. Sam’s guaranteed that the firm would earn at least ₹ 1,35,000 profit and any shortfall would be met by him. Thus…