51. Mita, Rita and Sandra were partners in a firm, sharing profits and losses in the ratio of 2:2: 1. Mitahad personally guaranteed that in any year Sandra's share of profit, after allowing interest on capitalto all the partners @ 5% per annum and charging interest on drawings @ 4% per annum, would notbe less than 10,000. The capitals of the partners on 1st April, 2015 were:Mita 80,000, Rita 50,000 and Sandra 30,000.The net profit for the year ended 31st March, 2016, before allowing or charging any interest amountedto 40,000Mita had withdrawn 4,000 on 1st April, 2015, while Sandra withdrew 5,000 during the year.You are required to prepare the Profit and Loss Appropriation Account for the year 2015-16.
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