Don't answer if you don't know and within 10 minutes 63. A and B are partners in a firm sharing profits in the ratio of 2 : 1. On 1-4-2015 they decide to admit C for 1 share in profits with a guaranteed amount of $25,000 per annum. A undertook to meet the liability arising out of the guaranteed amount to C. The firm earned a profit of 375,000 for the year ended March 31, 2016. Prepare Profit and Loss Appropriation Account