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.

Anurag Pathak Changed status to publish April 11, 2024
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