Question

24. Ankur and Bobby were into the business of providing software solutions in India. They were
sharing profits and losses in the ratio 3:2. They admitted Rohit for a 1/5 share in the firm, Rohit, an
alumni of IIT, Chennai would help them to expand their business to various South African countries
where he had been working earlier. Rohit is guaranteed a minimum profit of 2,00,000 for the year.
Any deficiency in Rohit's share is to be borne by Ankur and Bobby in the ratio 4:1. Losses for the
year 10,00,000. Pass the necessary journal entries,​

Answer 1

Explanation:

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