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 20, 2024
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