P and Q were partners in a firm sharing profits and losses in the ratio of 2: 1. On 01.04.2022, they admitted R as a new partner for 1/10th share of profits with a guaranteed minimum of ₹50,000. P and Q continued to share profits as before but agreed to share any deficiency on account of guarantee to R in the ratio of 3:2. The net profit of the firm for the year ended 31.03.2023 was ₹3,00,000.

Pass necessary journal entries in the books of P and Q for the above transactions.

Marks-3, CBSE:2022-23/Compartment/Q-19