49. A, B and C were partners in a firm having capitals of ₹50,000; ₹50,000 and ₹1,00,000 respectively. The Current Account balances were A: ₹10,000; B: ₹5,000 and C: ₹2,000 (Dr.).  According to the Partnership Deed the partners were entitled to an interest on Capital @10% p.a. C being the working partner was also entitled to a salary of ₹12,000 p.a. The profits were to be distributed as: 

(a) The first ₹20,000 in proportion to their capitals.

(b) Next ₹30,000 in the ratio of 5 :3:2.

(c) Remaining profits to be shared equally.

The firm earned net profit of ₹1,72,000 before charging any of the above items.

Prepare Profit & Loss Appropriation Account and pass necessary Journal entry for the appropriation of profits

(Foreign 2009)