Raj, Nadeem, and Shivam are partners sharing profits in the ratio of 3:2:1.
Their capital accounts stand on 1st April, 2018 : Raj * 80,000; Nadeem
80,000 and shivam 40,000.
The partnership deed provides for the following:
(i)
5% of the profits is to be transferred to reserves
(ii)
Partners are allowed interest on capital @ 5% p.a.
(iii) Nadeem is guaranteed a minimum profit of 780,000 for the year
(iv) Net profit earned during the year 2,00,000.
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