Question

Anil, Sunil and Ravinder entered into a partnership on 1st April, 2015 to share
profits in the ratio of 2:1:1. It was provided in the deed that Ravinder's share of profit
will not be less than 70,000 per annum. The losses for the year ended 31st March,
2016 were 2,00,000 before allowing interest 8,000 on Anil's Loan which is due for
the current year.
You are required to show necessary account for division of loss and also pass the
necessary journal entries.​

Answer 1

Answer:

Explanation:

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