Prepare a profit and loss appropriation account and balance sheet extracts for Adams, Mitchell, and Walker for the year ended 31 December 23X8 based on the following information:

• Net profits: £50,700
• Interest to be charged on capitals: Adams £3,200; Mitchell £2,300; Walker £2,000
• Interest to be charged on drawings: Adams £330; Mitchell £280; Walker £250
• Salaries to be credited: Mitchell £4,000; Walker £4,500
• Profits to be shared: Adams 55%; Mitchell 30%; Walker 15%
• Current accounts: Adams £2,800; Mitchell £1,600; Walker £1,400
• Capital accounts: Adams £65,000; Mitchell £32,000; Walker £30,000
• Drawings: Adams £14,800; Mitchell £9,700; Walker £10,500