2 251 1 Faiz and Kartik are partners in a firm. Their fixed capitals are 3,00,000 and 4 respectively. They admitted Jatin as a partner for 1/4th share in the profits. Accor the conditions of the partnership deed, Jatin was given a guarantee of profit of and deficiency if any, will be borne by Faiz ajd Kartik in the ratio of 3:2. The firm profit of 1,60,000 for the year ended 31st March, 2022. Prepare Profit and Loss Appropriation Account and show your working. Q-19 Apple Orchards Ltd. purchased Apple Grading Machinery for 10,00,000 from F on 1st January, 2022. It paid the amount as follows: (i) By issuing 7,500, 7% Debentures of 100 each at 10% Discount, redeemable premium after 5 years. (ii) Balance by cheque dated 1st March, 2022. It does not have balance in Securities Premium in the books. Pass the journal entries in the hool