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As Luyando has more operational responsibilities, she is enitiled to a salary of K60,000 per annum. Interest is not calculated on the partners' curren! account balances. The partners' accounting period ends 31 March 2020 and the following transactions took place during the year under review: (i) Choolwe's capital coniribution on 1 April 2019 was K650,000 and a further K300.000 was introduced on 1 July 2019. On the other hand. Luyando's capital contribution was introduced into the business on 1 October 2019 amounting to K500,000. (ii) On 1 October 2019, Choolwe and Luyando made drawings of K90,000 and K110,000 respectively. (iii) Luyando's salary was to be paid to her effective 1 July 2019 when her responsibilities were enhanced. (iv) The partnership business made profits for the year ending 31 March 2020 amounting to K 350,500 . This was before taking any of the above items inte censideration. (v) Being the first year of trading, there was no balance on any one's current account at the beginning of the period. Required: (i) Explain the characteristics of partnership business [4marks] Prepare for the partnership, for the year ended 31 March 2020: (ii) The profit and loss appropriation account. [10 marks] (iii) The partners' current accounts [6 marks] Tutal 50 MARKS As Luyando has more operational responsibilities, she is enitiled to a salary of K60,000 per annum. Interest is not calculated on the partners' curren! account balances. The partners' accounting period ends 31 March 2020 and the following transactions took place during the year under review: (i) Choolwe's capital coniribution on 1 April 2019 was K650,000 and a further K300.000 was introduced on 1 July 2019. On the other hand. Luyando's capital contribution was introduced into the business on 1 October 2019 amounting to K500,000. (ii) On 1 October 2019, Choolwe and Luyando made drawings of K90,000 and K110,000 respectively. (iii) Luyando's salary was to be paid to her effective 1 July 2019 when her responsibilities were enhanced. (iv) The partnership business made profits for the year ending 31 March 2020 amounting to K 350,500 . This was before taking any of the above items inte censideration. (v) Being the first year of trading, there was no balance on any one's current account at the beginning of the period. Required: (i) Explain the characteristics of partnership business [4marks] Prepare for the partnership, for the year ended 31 March 2020: (ii) The profit and loss appropriation account. [10 marks] (iii) The partners' current accounts [6 marks] Tutal 50 MARKS