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 1st March, 2020. You are required to show the necessary journal entries for division of loss and giving effect to minimum guaranteed profit to C.
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c account dr.
to p/L appropriation account
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