3. L, M and N were partners in a firm sharing profits in the ratio of 3:4:5. Their fixed capitals were 34,00,000,
25,00,000 and 26,00,000 respectively. The partnership deed provides for the following:
i) Interest on capital 26% pa.
a) Salary 30,000 pa. to N
* Interest on partners drawings @12%pa.
During the year ended 31.12.2019, the firm earned a profit of $2,70,000. L withdrew 310,000 on 1.4.2019, M
withdrew 12,000 on 30.9.2019 and N withdrew 315,000 on 30.6.2019.
Prepare Profit and Loss Appropriation Account for the year ended 31.12.2019.
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