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Asgar, Chaman and Dholu are partners in a firm. Their Capital Accounts stood at 6,00,000; 5,00,000 and 4,00,000 respectively on 1st April, 2017. They shared Profits and Losses in the proportion of 4 : 2 : 3. Partners are entitled to interest on capital @ 8% per annum and salary to Chaman and Dholu @ 7,000 per month and 10,000 per quarter respectively as per the provision of the Partnership Deed. Sholu's share of profit excludinginterestoncapitalbutincludingsalary is guaranteed at a minimum of 1,10,000 p.a. Any deficiency arising on that account shall be met by Asgar. The profit for the year ended 31st March, 2018 amounted to 4,24,000.
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018.
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