P, Q and R entered into partnership on 1st April, 2018 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: 2020 Profit Rs. 1,20,000 2021 Profit Rs. 1,80,000; 2022 Loss Rs. 1,20,000. Pass the necessary Journal entries in the books of the firm.
