Question

A, B and C are partners having capitals of 10,00,000; * 8,00,000 and 6,00,000 respectively in
a firm and sharing profits and losses equally. C is guaranteed a minimum profit of * 1,00,000 as
share of profit every year. The firm incurred a loss of 3,00,000 for the year ended 31st March,
2019. You are required to show the necessary accounts for division of loss and giving effect to
minimum guaranteed profit to C.​

Answer 1

Account for division of loss

Explanation:

Pls refer to the pic below