DR CR The following balances were obtained from the books of The Cartwrights DETAILS Net Income as at December 31, 2020: 135,000 Capital Adam 250,000 Joe 750,000 Current Account Adam 40,000 Joe 10,000 Drawings Adam Joe 60,000 30,000 Non Current Assets Book Value 1,200,000 Debtors 60,000 Bank 55,500 Loan 400,000 Creditors 30,000 Expense Owing 20,000 Revenue Prepaid 25,000 Closing Stock 285,500 1,675,500 1,675,500 The Articles of Partnership allowed for the following a. Interest is to be paid on capital at 5% p.a. b. Interest is to be charged on drawings at 2.5% p.a. c. Joe is to be paid a salary of $27,250 d. The partners are to share profit in the same ratio as their capital Required: 1. Prepare the following The Appropriation Account marks) - The Current Account marks) (7 (11 2. The Cartwrights brother, Haase, is to be admitted to the business as both a silent and limited partner. Briefly explain the characteristics of a partner that is classified as a. A Silent Partner marks) b. A Limited Partner (2 (2 marks) 3. Joe Cartwright has recommended that with the Admission of Haase as a partner, there should be a revision of the Articles of Partnership. Briefly explain the Articles of Partnership and state its relationship to the Partnership Act (3 marks)