Q. 58. X and Y entered into partnership on 1st April, 2016 and contributed Rs. 2,00,000 and Rs. 1,50,000 respectively as their capitals. On 1st October, 2016, X provided Rs. 50,000 as loan to the firm. As per the provisions of the partnership deed :
(i) 20% of profits before charging interest on Drawings but after making appropriations to be transferred to General Reserve.
(ii) Interest on capital at 12% p.a. and interest on Drawings @10% p.a. 
(iii) X to get monthly salary of Rs. 5,000 and Y to get salary of Rs. 22,500 per quarter.
(iv) X is entitled to a commission of 5% on sales. Sales for the year were Rs. 3,50,000.
(v) Profit and Loss to be shared in the ratio of their capital contribution up to Rs. 1,75,000 and above Rs. 1,75,000 equally.
The profit for the year ended 31st March,2017 , before providing for any interest was Rs. 4,61,000. The drawings of X and Y were Rs. 1,00,000 and Rs. 1,25,000 respectively.
Paas the necessary Journal Entries relating to appropriation out of profits. Prepare Profit and Loss Appropriation Account and the Partner's Capital Accounts.