Cook, Broad, and Prior are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Prior is guaranteed an annual profit of ₹ 1,00,000 by the other partners. During the year ended 31st March 2023, the firm incurred a loss of ₹ 60,000. Their respective capitals as on 1st April, 2022 were ₹ 6,00,000; ₹ 4,00,000 and ₹ 2,00,000. You are required to show the necessary accounts giving effect to the above.
Cook, Broad, and Prior are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1.
Prior is guaranteed an annual profit of ₹ 1,00,000 by the other partners.
During the year ended 31st March 2023, the firm incurred a loss of ₹ 60,000.
Their respective capitals as on 1st April, 2022 were ₹ 6,00,000; ₹ 4,00,000 and ₹ 2,00,000.
You are required to show the necessary accounts giving effect to the above.
Anurag Pathak Changed status to publish April 15, 2023
