Neel, Nitin, and Neeraj are partners having Capital of ₹ 15,00,000; ₹ 12,00,000, and ₹ 9,00,000 respectively, and sharing profit and losses equally.

Neeraj is guaranteed a minimum profit of ₹ 1,50,000 per annum.

The firm incurred a loss of ₹ 4,50,000 for the year ended 31st March 2023.

You are required to show necessary accounts for the division of loss and giving effect to minimum guaranteed profit to Neeraj.

Anurag Pathak Changed status to publish April 15, 2023