P, Q and R entered into partnership on 1st April, 2015 to share profits and losses in the ratio of 12 : 8 : 5. It was provided that in no case R’s share in profit be less then Rs. 30,000 p.a. The profits and losses for the period ended 31st March were: 2015-16 Profit Rs. 1,20,000 2016-17 Profit Rs. 1,80,000; 2017-18 Loss Rs. 1,20,000. Pass the necessary Journal entries in the books of the firm. – Swamonk EduCare

P, Q and R entered into partnership on 1st April, 2015 to share profits and losses in the ratio of 12 : 8 : 5. It was provided that in no case R’s share in profit be less then Rs. 30,000 p.a. The profits and losses for the period ended 31st March were: 2015-16 Profit Rs. 1,20,000 2016-17 Profit Rs. 1,80,000; 2017-18 Loss Rs. 1,20,000. Pass the necessary Journal entries in the books of the firm.

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