Question

Anthony, a partner, was being guaranteed that his share of profits will not be less than ₹ 60,000 p.a. Deficiency, if any, was to be borne by other partners Amar and Akbar equally. For the year ended 31st March, 2024 the firm incurred a loss of ₹ 1,80,000. What amount will be debited to Amar’s Capital Account in total at the end of the year?

Options

• ₹ 60,000

• ₹ 1,20,000

• ₹ 90,000

• ₹ 80,000

Answer 1

₹ 1,20,000