John and Alex are in partnership, sharing profits and losses in the ratio 4:3. They have agreed on the following in the partnership agreement: John salary of $30,000; Alex salary of $25,000; Interest on capital is 8% per annum, based on the partners capital balances at the start of the financial year; Interest is charged at a rate of 10% per annum on the partners drawings. At 1 April 2015, the partners capital and current account balances were: John Capital $50,500 (credit) Current $1,890 (debit) Alex Capital $32,800 (credit) Current $4,750 (credit) During the year to 31 May 2016: John drawings were $22,500 Alex drawings were $25,000 The net profit for the year was $56,955. Required: (a) Calculate the profit attributable to each partner for the year to 31 May 2016. 10 marks (b) Prepare the partners current accounts for the year to 31 May 2016. 8 marks (c) Show the extracts of statement of financial position for the partnership as at 31 May 2016. 6 marks