P, Q and R entered into a partnership on 1st October, 2017 to share the profits and losses in the ratio of 5: 3:2. The total capital was fixed at 18,00,000 to be contributed by P, Q and R in the ratio of 4:3:2. P granted a loan of 1,00,000 on 1st January, 2018. The partnership deed provided for interest on capital @ 10% per annum, interest on drawings @ 12% per annum, salary to Q6,000 per month and salary to R @ 6,000 per quarter. Q's drawings during the period ended 31st March, 2018 were 50,000. The profits of the firm for the period ended 31st March, 2018 before providing for any interest and salary were * 2,16,000. Prepare profit and loss appropriation account.
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Note: Z is admitted on 1st October,2017 and profit is ascertained on march 31,2018 therefore interest on capital is to be calculated for 6 months and guaranteed amount is considered as Rs.40,000, i.e. half of the total amount.
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