Peter, Clement and Victor are in partnership as LISS Partners. LISS Partnership business deals in the purchase and sale of organic food products and the following data is extracted for the year ended 31 March 2020.

1. Net profits 111,100

2. Interest to be charged on capital: Peter 3,000 Clement 2,000 and Victor 1,500

3. Interest to be charged on drawings: Peter 400 Clement 300 and Victor 200

4. Salaries: Clement 20,000 and Victor 25,000

5. Profits to be shared: Peter 70% Clement 20% and Victor 10%

6. Current account balances brought down at 1^st April 2019:

Peter 18,600 Clement 9,460 and Victor 8,200

7. Capital account balances brought down at 1^st April 2019:

Peter 100,000 Clement 50,000 and Victor 25,000

8. Drawings: Peter 39,000 Clement 27,100 and Victor 16,800

Required

a) Prepare the Profit & Loss Appropriation Account for LISS Partners for the year ended 31^st March 2020. (10 marks)

b) Show how the information for LISS Partners appears in the partners capital and current accounts. (5 marks)

c) Show how the information for LISS Partners appears in the statement of financial position as at 31^st March 2020. (5 marks)