W, X and Y were partners sharing profits and losses in the ratio of 2 :2:1. X was guaranteed a profit of 10,00,000. The firm earned a profit of 17,50,000 for the year ended 31st March, 2020.

Prepare the Profit and Loss Appropriation Account of W, X and Y for the year ended 31st March, 2020.

Marks-4, CBSE:2020-21/Compartment/Q-15*

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