X and Y were partners in a firm sharing profits in the ratio 3:2. On 1st April, 2019 they admitted Z
as a new partner for 1/8th share in the profits with a guaranteed profit of Rs. 1,50,000. The new profit- sharing ratio between X and Y will remain the same but they decided to bear any deficiency on account of guarantee to Z in the ratio 3:2. The profit for the year ended 31st March, 2020 was Rs.9,00,000.
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2020.
