Stan and Stuart, partners in a manufacturing business, share profits and losses equally. They have the following partnership agreement:

Their capital and current balances as at 1 June 2008 and their drawings by 31 May 2009 were respectively:

The following financial information is available for the year ended 31 May 2009, after the preparation of the profit and loss account:

Required ‘1 Prepare a profit and loss appropriation account for the ear ended 31 May 2009.
2 Prepare the current account for each partner as at 31 May 2009.
3 Prepare a balance sheet as at 31 May 2009.

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Stan Stuart Salaries per annum: 70,000 60,000 Interest on fixed capitals (per annum) 10% 10%