Dhoni, Kohli, and Ishant are partners in the Sports goods business sharing profits and losses in the ratio of 2 : 2 : 1. Ishant is guaranteed a profit of ₹ 5,00,000 per annum by Dhoni and Kohli. Any shortfall in the guaranteed profit to Ishant is to be borne by Dhoni and Kohli in the ratio of 4 : 1.

During the year ended 31st March 2023, the firm incurred a loss of ₹ 2,00,000.

Their capitals on 1st April, 2022 were ₹ 15,00,000; ₹ 14,00,000 and ₹ 5,00,000 respectively.

You are required to prepare the necessary accounts giving effect to the above.

Anurag Pathak Changed status to publish April 20, 2024
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