A, B, and C are partners sharing profits in the ratio of 5:4:1. C is given a guarantee that his minimum share of profits in any year would be at least ₹ 50,000. Deficiency, if any, would be borne by A and B equally.

Anurag Pathak
April 10, 2023
[CBSE] Fundamentals of Partnership Firm, [CBSE] TS Grewal Solutions, Accountancy Class 12th

Anurag Pathak 24.17K April 10, 2023 0 Comments

A, B, and C are partners sharing profits in the ratio of 5:4:1. C is given a guarantee that his minimum share of profits in any year would be at least ₹ 50,000. Deficiency, if any, would be borne by A and B equally. Profit for the year ended 31st March 2023 was ₹ 4,00,000.

Pass necessary Journal entries in the books of the firm.

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