Question

. Ankur and Bobby were into the business of providing software solutions in India. They were sharino
profits and losses in the ratio 3:2. They admitted Rohit for a 1/5 share in the firm. Rohit, an alumni
IIT, Chennai would help them to expand their business to various South African countries where
he had been working earlier. Rohit is guaranteed a minimum profit of 2,00,000 for the year. Any
deficiency in Rohit's share is to be borne by Ankur and Bobby in the ratio 4: 1. Loss for the year was
* 10,00,000. Pass the necessary Journal entries.​

Answer 1

Answer:

Explanation:

Follow this table and pass the journal entries