X, Y and Z are partners in a firm. Their profit sharing ratio is 5 : 3 : 2. However, Z is guaranteed a minimum amount of Rs 10,000 as share of profit every year. Any deficiency arising on that account shall be met by Y. The profit for the two years ending 31st December, 2016 and 2017 were Rs 40,000 and Rs 60,000 respectively. Prepare Profit and Loss Appropriation Account for the two years.
