2. (a) State TWO distinguishing features of a partnership. (2 marks) (b) Barney and Swiper are in partnership. Their Current Account balances as at 31 March 2015 before appropriation were: Current Accounts Barney 2 500 Swiper (600) State the significance of the brought down balance on EACH partner's current account. (2 marks) () Other balances extracted from the books of Barney and Swiper include: Capital Accounts: Bamey $60 000; Swiper $35 000 Drawings: Barney (01 October 2014 to 31 March 2015) $ 4 000 Swiper (01 January 2015 to 31 March 2015) $12 000 Additional information: - The net income for the year ended 31 March 2015 is $82 000.- Bamey earns an annual salary of $36 000.- Interest on capital is to be paid at the rate of 5% per annum. - Interest on drawings is to be charged at the rate of 10% per year. - Barney and Swiper share profits and losses in the ratio of 3:2 respectively, Prepare the Profit and Loss Appropriation Account of Barney and Swiper for the year ended 31 March 2015 in the space provided. (9 marks) (d) Prepare the partners' Current Accounts on 31 March 2015, after the appropriation. (7 marks) Total 20 marks