Draft a profit and loss appropriation account and balance sheet extracts for Stewart, Howard, and Perez for the year ended 31 December 21X3:

• Net profits: £48,500
• Interest to be charged on capitals: Stewart £3,000; Howard £2,200; Perez £1,600
• Interest to be charged on drawings: Stewart £310; Howard £250; Perez £190
• Salaries to be credited: Howard £3,800; Perez £4,100
• Profits to be shared: Stewart 55%; Howard 30%; Perez 15%
• Current accounts: Stewart £2,600; Howard £1,500; Perez £1,200
• Capital accounts: Stewart £60,000; Howard £30,000; Perez £25,000
• Drawings: Stewart £13,000; Howard £9,200; Perez £8,800