Peter Blunt and Henry Sharp are partners in a business (Blunt, Sharp& Co) that manufacture cutlery. Under the terms of the partnership agreement, Peter Blunt receives a salary of $17,000 and Henry Sharp receives a salary of $15,000. The partnership agreement allows interest of 10% to be paid on the capital accounts, interest on drawings is to be charged at the rate of 5% per annum. They have agreed that all other terms of the partnership will be as set out in The Partnership Act 1890. Balances in their books as at 30 April 1993 are shown below: Capital accounts Blunt Current accounts -Blunt Drawings-Blunt 40,000 20,000 17,516 15,000 Sharp Sharp 22,000 21,000 115,000 52,000 15,000 Sharp 50,000 35,000 12,000 Barclays Bank Plc 5% Loan from Factory Plant at Cost- Provision for Depreciation 1 May 1992 van for deliveries at cost- Provision for depreclation 1 May 1992 Office Equipment at cost Provision for depreciation 1 May 1992 1,200 Raw Materials Work in progress Finished good 10,299 3,400 8,055 Sales of Finished Purchases of raw materials Returns of raw materials 216,112 92,000 1,977 Salaries and Wages: 2,310 Factory direct labour Administration Selling and Distribution 12,500 5,000 10,200 Factory Administration 6,489 5,250 900 2,000 10,000 -4,000 23,022 1,200 Selling and Distributi Carriage on Raw Materials eat and L Debtors and Creditors Cash Bank 12.320 8,500 429,625 429,625 Notes to the balances are as follows 1. Stocks as t 30 April 1993 are Raw materials$8.900 Work in Progress $3,200 Finished goods$9,400 2. Depreciation for the year ended 30 April 1993 is calculated on a straight line basis on the follo wing percentages per annum of cost Factory plant Delivery vans Office equipment 10% 25% 25% Heat and light and insurance expenses are allocated 75% to the factory costs and 25% to the office administration costs 3, 4. The loan interest owing at 30 April 1993. You are recuired to: _ Prepare the manufacturing, trading and profit and loss, and appropriationa Sharp & Co for the year ended 30 April 1993. Show clearly the profit share that each of the partners received for the period. Balance Sheet