Aman, babita and suresh are partners in firm. Their profit sharing ratio is 2:2:1. Suresh is guaranteed a minimum amount of Rs 10,000 as share of profits, every year. Any deficiency on that account shall be met by babita. The profits for two years ending December 31,2005 and December 31, 2006 wese Rs 40000 and Rs 60000 respectively. Prepare the profit and loss appropriation account for two years.
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Answer is profit 60000
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