Adil, Bilal, and Ramiz are in partnership sharing profits and losses in the ratio of 4 : 2 : 1 respectively.

It was provided that Ramiz’s share in profits would not be less than ₹ 7,500 in a year.

Profit for the year ended 31st March 2023 was ₹ 31,500.

You are required to pass the Journal entries and prepare Profit and Loss Appropriation Account.

Anurag Pathak Changed status to publish April 15, 2023