Partnerships:

Mike and Guy have been in partnership for several years, sharing profits and losses in the ratio 3:4. As at 1 January they had the following credit balances on their capital and current accounts:

Capital $ Current $

Mike 65,000 11,486

George 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.

You are required to:

Calculate the balance of Mike's current account at 31 December.