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X and Y entered into partnership on 1st April, 2017. Their capitals as on 1st April, 2018 were 2,00,000 and 1,50,000 respectively. On 1st October, 2018, X gave 50,000 as loan to the firm. As per the provisions of the partnership Deed:
Profit for the year ended 31st March, 2019 before allowing or charging interest was 4,61,000. The drawings of X and Y were 1,00,000 and 1,25,000 respectively. Pass the necessary Journal entries relating to appropriation out of profit. Prepare Profit and Loss Appropriation Account and the Partners' Capital Accounts
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