If a partner is guaranteed a minimum profit of ₹50,000 and his share of profit is ₹40,000, the deficiency of ₹10,000 will be borne by: MCQ with Answer and Explanation

Explanation:
As per Companies Act 2013, financial statements comprise balance sheet, profit and loss account, cash flow statement, statement of changes in equity and any explanatory notes.

Explanation:
Ind-AS (Indian Accounting Standards) are converged with IFRS (International Financial Reporting Standards) issued by the IASB.

Explanation:
Management is responsible for establishing and maintaining internal controls.