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 2020. you are required to show the necessary accounts for the division of loss and giving effect
to minimum guaranteed profit to C.


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Answer 1

Answer:

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