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Ankur, Bhavns and Disha are partners in a firm. On 1st April, 2017, the balance in their Capital Accounts stood at 14,00,000, 6,00,000 and 4,00,000 respectively. They shared profits in the proportion of 7 : 3 : 2 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to Bhavna @ 50,000 p.a. and a commission of 3,000 per month to Disha as per the provisions of the partnership Deed. Bhavna's share of profit excludinginterestoncapital is guaranteed at not less than 1,70,000 p.a. Disha's share of profit
includinginterestoncapitalbutexcludingcommission is guaranteed at not less than 1,50,000 p.a. Any deficiency arising on that account shall be met by Ankur. The profit of the firm for the year ended 31st March, 2018 amounted to 9,50,000.
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018.
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