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X, Y, and Z entered into a partnership on 1st October 2022 to share profits in the ratio of 4:3:3. X, personally guaranteed that Z’s share of profit after allowing interest on capital @ 10% p.a. would not be less than ₹ 8,000 in a year. Capital contributions were: X – ₹ 3,00,000, Y – ₹ 2,00,000, and Z – ₹ 1,50,000.

Profit for the year ended 31st March 2023 was ₹ 1,60,000. Prepare Profit and Loss Appropriation Account.

Anurag Pathak Changed status to publish April 11, 2024
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