JKM is a partnership owned by Jean, Kathryn and Meryl. It has been successfully trading for several years.Jean retired from the partnership at $31$ May $2010.$You have been provided with the following information:$($i$)$ JKM$\text{'}$s profit for the year ended $31$ May $2010$ was $$345,490.($ii$)$ Jean, Kathryn and Meryl shared profits in the ratio $2$:$3$:$1.$iii$)$ The partnership agreement allows for the following salaries per annum: Jean $$40,000$; Kathryn $$35,000$ and Meryl $$30,000.($iv$)$ During the year cash drawings were as follows: Jean $$25,000,$ Kathryn $$22,000$ and Meryl $$20,000.$ No interest is charged on drawings.$($v$)$ At $1$ June $2009$ Jean and Kathryn had credit balances on their current accounts of $$2,400$ and $$1,600$respectively, Meryl had a debit balance of $$1,800.($vi$)$ Interest on capital is to be paid at a rate of $8\%$ on the balance at $1$ June $2009$ on capital accounts. At $1$ June $2009,$ the partners had credit capital account balances as follows: Jean: $$35,000,$ Kathryn $$50,000$ and Meryl $$40,000.($vii$)$ Jean has agreed that if there was a credit balance on her capital account at $31$ May $2010,$ it can be transferred into a loan to the partnership.$($Viii$)$ The assets of the partnership were revalued at $31$ May $2010.$The book value and the revaluations are as follows:Book Value $Property $130000$Equipment and machinery $50000$Inventory $2500$Receivables $20000$Revaluation$Property $156,000$equipment and machinery $40,000$Inventory $22000$Receivables $19000$The revaluations are to be recorded in the books of the new partnership$\mathrm{.}221.26,000($ix$)$ On the retirement of Jean, Kathryn agreed to invest a further $$20,000$ and Meryl a further $$25,000$ into the partnership and the following new profi t$-$sharing ratio was agreed:Kathryn $-3/5$Meryl $-2/5($x$)$ Goodwill is not carried in the statement of fi nancial position. However, at $31$ May $2010$ the goodwill in the partnership was valued at $$90,000.$ Any adjustments for goodwill are to be made through the partners' capital accounts.Required:$*$ Prepare the appropriation account for the partnership for the year ended $31$ May $2010.*$ Prepare the following partnership accounts incorporating the adjustments that need to be made on the retirement of Jean from the partnership:$($i$)$ current accounts for the year ended $31$ May $2010$;$(11)$ capital accounts as at $31$ May $2010.$