5) Ajay and Vijay were partners in the ratio of their capital contribution which were ₹3,00,000 and ₹5,00,000 respectively. The firm closes its books on 31 st Dec each year according to the following agreement. a) Interest on capital was to be given at the rate of 12% p.a. b) Ajay and Vijay was allowed to get a salary of ₹ 6,000 and ₹ 8,000 (per month) respectively. c) It was also agreed to transfer 10% of profits to general reserve. The profit for the year was ₹5,00,000 before any appropriation. Interest on drawings amounted to ₹ 8,000 for Ajay and ₹ 8,350 for Vijay. You are required to prepare profit and loss appropriation Account
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