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Accounting

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Please do only if u can do in few minutes or else let others try 67. Ahmad, Bheem and Daniel are partners in a firm. On 1st April, 2011 the balance in their capital accounts stood at 8,00,000, 36,00,000 and 4,00,000 respectively. They shared profits in the proportion of 5:3 : 2 respectively. Partners are entitled to interest on capital @ 5% per annum and salary to Bheem @ 3,000 per month and a commission of 12,000 to Daniel as per the provisions of the partnership deed. Ahmad's share of profit, excluding interest on capital, is guaranteed at not less than 25,000 p.a. Bheem's share of profit, including interest on capital but excluding salary, is guaranteed at not less than 55,000 p.a. Any deficiency arising on that account shall be met by Daniel. The profits of the firm for the year ended 31st March 2012 amounted to 32,16,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March 2012

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