A and B are partners sharing profits and losses in the ratio of 2 : 1. On 1 Jan' 13, they admit C with 1/4th share in profits with a guaranteed amount of 50,000. The Profits for the years 2012 and 2013 amounted to: 1,52,000 and ? 2,40,000 respectively.
Pass the necessary entries for 2012 and 2013.
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