Amit and vijay started business on 1/1/16 their capital contributions were Rs200000 and Rs150000 respectively. The partnership deed provided inter alia that:
a) interest on capitals at 10 % p.a.
b) Amit to get salary of Rs2000 p. m. And vijay Rs3000 p. m.
c) profits are to be shared in the ratio 3:2.
The profits for the year ended 31/12/16 before making above appropriations were Rs216000. Interest on drawings amounted to 2200 for amit and Rs2500 for vijay.
Prepare profit and loss Appropriation Account.
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