Monika, Bhoomika and Kamolika are partners sharing profits in the ratio of 6 : 4 : 1. Kamolika is guaranteed a minimum amount of ₹3,00,000 as her share in profits. The firm earned a net profit of ₹22,00,000 for the year ended 31st March 2022. 

Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2022.

Marks-3, CBSE:2022-23/Zone-4/Set-1/Q-18*