A and B were partners sharing profits and loses in the ratio 5:3. They admitted C as a partner with 1/5th share in profits. A, however, guaranteed that C's share of profits, after charging interest on capital @5%p.a. would be atleast ₹7500 in any year. The capital provided was as follows:A ₹80000, B ₹50000 and C ₹40000. Profit for the year ended 31st December, 2018, amounted to ₹ 39750 before providing for interest on capital.Show the profit and loss Appropriate Account.
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