Accountancy > Accounting For Partnership Firms > Fundamentals Of Partnership
John and Harry were partners in a firm sharing profits and losses in the ratio of 2: 1. On 1st April, 2023, they admitted Dinesh as a new partner 1/4th share in the profits of the firm with a guarantee that his share in the profits shall be at least ₹1,00,000. The net profit of the firm for the year ended 31st March, 2024 was ₹2,80,000. John's share in the profits of the firm after giving the guaranteed amount of profit to Dinesh will be :
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