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A and B were partners sharing profits and losses in the ratio of 3:2. They admit C for 1/5th share and guarantee that his share

A and B were partners sharing profits and losses in the ratio of 3:2. They admit C for 1/5th share and guarantee that his share of profits will not be less than $10,000. Total profits of the firm were $40,000. Prepare Profit and Loss Appropriation Account .

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