Q.No.3. Mr. A and Mr. B start a business on 01st May,2021, with capital of 2,500,000 and 300,000. According to agreement Mr. A is entitled for a salary of 40,000 whereas another partner is entitled...

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Extracted text: Q.No.3. Mr. A and Mr. B start a business on 01st May,2021, with capital of 2,500,000 and 300,000. According to agreement Mr. A is entitled for a salary of 40,000 whereas another partner is entitled for 35,000. Mr. B gave a loan to the business and interest on capital is allowed 5% p.a. During their first fiscal year of partnership, they earned a net profit of Rs. 500000. Required: Profit and Loss appropriation account to allocate the profit and necessary journal entries.