X, Y, and Z entered into partnership on 1st April 2017 to share profit and losses in the ratio of 12:8:5. Z was a technically person who left his job to join the firm as partner. hence, It was agreed that Z share in profit will not be less than rupees 1,00,000 per annum profits and losses for the year ended 31st March 2018 and 2019 were rupees 4,00,000 and 4,00,000 (loss) respectively . pass the necessary journal entries in the books of the firm.
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