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please help! Question 7 The Trial Balance below is extracted from the books of Mike Lee Trading as at 30 June 20X8: Trial Balance as

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Question 7 The Trial Balance below is extracted from the books of Mike Lee Trading as at 30 June 20X8: Trial Balance as at 30 June 20X8 Debit S Credit Capital as at 1 July 20X7 M. Michael C. K. Lee Premises Office equipment Purchases and Sales Debtors and Creditors Salary Discount Sundry expenses Returns Carriage inwards Rates Bank 30,000 20,000 45,000 3,440 45,678 67.890 6,455 5,995 7,800 1,235 2,447 1,300 3,900 3,545 5,555 125,120 125,120 Additional information for the year ended 30 June 20X8: Stock as at 30 June 20X8: $10,600. Prepaid salary S600. Accrued rates $250. The Partnership Agreement provides the following clauses: i Profit and loss are to be shared in proportion to the capital contributed. ii Interest on capital is to be allowed at 5% per year. REQUIRED: a Prepare the Appropriation Account for the year ended 30 June 20X8. b Prepare the Current Account of each partner; c Prepare the Balance Sheet of Mike Lee Trading as at 30 June 20X8

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