Saleem, Kaleem and Arif commenced a partnership business on 1.1.2015. They contributed Rs.400000, Rs. 270000, Rs. 210000 respectively as their capitals and decided to share profit and loss in the ratio of 3:2:1. The partnership deed provided that Kaleem should be paid a salary of 4000 per month and Arif a commission of Rs.15000 per year. It also provided that interest on capital be allowed at 12% per annum. The drawings for the year were Saleem Rs. 10000, Kaleem Rs. 7000 and Arif Rs.6000. Interest on drawings to be charged Rs.1050 on Saleem`s Drawings Rs.7000 on Kaleem`s drawings and Rs.550 on Arif`s drawings. The net amount of profit as per profit and loss account for the year 2015 was Rs.275000.
You are required to prepare profit and loss appropriation account and the partner`s capital accounts.
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