EXERCISE 6 Partnerships Michael and George have been in partnership for several years, sharing profits and losses in the ratio 3:4. At 1 January they had the following credit balances on their capital and current accounts: Capital $ Current $ Michael 65,000 11,486 Donald 80,000 9,637 The partnership statement of profit or loss for the year to 31 December shows a net profit of $28,595, and the partners had made drawings of $16,500 each. Required: Calculate the balancecurrentofaccount Michael'sat31December (10 marks)