X, Y and Z are partners in a firm sharing profits in the ratio of 3:2:1. Z is given guarantee that his share of profit will not be less than his share of profit will not be less than Rs. 12,000 per year. Any deficiency will be borne by X and Y in the ratio of 3:1. The profits for the year ended 31st March, 2019 amounted to Rs. 60,000. Pass necessary Journal Entries in the books of the firm and Profit and Loss Appropriation Account
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