A, B and C are partners sharing profits in the ratio of 5 : 4 : 1. C is given a guarantee that his minimum share of profits in any given year would be Rs 5,000. Deficiency, if any, would be borne by A and B equally. The profits for the year 2015-16 amounted to Rs 40,000.
The Pass necessary Journal entries in the books of the firm.
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