Question

KP and H were partners of an advocate firm sharing profits in the ratio of 3:2:1. Their
partnership deed provided the following:
A monthly salary of Rs.10,000 each to K&P.
ii) H was guaranteed a profit of Rs.3,00,000 and K guaranteed that he will earn an annual
fee of Rs.2,00,000. Any deficiency arising because of guarantee to H will be borne by
K & P, in the ratio of 3:2:2
ii) During the year 31st March 2020, Kearned a fee of Rs.1,50,000 and the profit of the
firm amounted to Rs. 10,00.000.​

Answer 1

Answer:

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