Ashok and Bhim were partners sharing profits in the ratio of 3 : 2. Their capitals as on 1st April 2022 were ₹ 1,00,000 and ₹ 2,00,000 respectively

Ashok and Bhim were partners sharing profits in the ratio of 3 : 2. Their capitals as on 1st April 2022 were ₹ 1,00,000 and ₹ 2,00,000 respectively. On 1st October 2022, they admitted Chetan as a partner for 1/4th share.

Chetan introduced ₹ 1,20,000 as capital and was given a guarantee that his share in the firm’s profit will not be less than ₹ 60,000 p.a.

Profit for the year ended 31st March 2023 was ₹ 2,00,000 and 50% of this profit relates to the first half of the year.

Prepare profit and Loss Appropriation Account.