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Please 100% correct within few minutes or else skip 62. A, B and C are partners sharing profits in the ratio of 5 : 4:1.

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Please 100% correct within few minutes or else skip 62. A, B and C are partners sharing profits in the ratio of 5 : 4:1. C is given a guarantee that his share of profits in any given year would be 35,000. Deficiency if any, would be borne by A and B equally. The profits for the year ended 31st March, 2016 amounted to 40,000. Pass necessary entries in the books of the firm

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