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The partnership agreement of Rohit, Ali and Sneh provides that: 

1. Profits will be shared by them in the ratio of 2 : 2 : 1. 

2. Interest on capital to be allowed at rate of 6% per annum. 

3. Interest on drawings to be charged at the rate of 3% per annum.

4. Ali to be given a salary of Rs 500 per month. 

5. Ali’s guarantee to the firm that the firm would earn a net profit of at least ? 80,000 per annum and any shortfall in these profits would be personally met by him.

The capitals of the partners on 1st April, 2013, were :

Rohit: Rs 1,20,000; 

Ah: Rs 1,00,000; 

Sneh: Rs 1,00,000.

During the financial year 2013-14, all the three partners withdrew Rs 1,000 each at the beginning of every month.

The net profit of the firm for the year 2013-14 was Rs 70,000. 

You are required to prepare for the year 2013-13;

(i) Profit and Loss Appropriation Account 

(ii) Partner’s Capital Accounts.

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                             Profit Ans Loss Appropriation Account 

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