Q.7 Penelope and Eagleman are in partnership, sharing profits and losses in the ratio 3:2. The following information was taken from their books for the year ending 31 December 2018, before the completion of their profit and loss appropriation account. S Capital accounts (1 January 2018) Penelope 50,000 (Cr) Eagleman 20.000 (Cr) Current accounts (1 January 2018) Penelope 1640 (Dr) Eagleman 330 (Cr) Drawings Penelope 3,000 Eagleman 2,000 Net trading profit 6,810 Interest on capital Penelope 540 Eagleman 720 Salary Penelope 2.000 Interest on drawings Penelope 270 Eagleman 180 Required: a) Prepare for the year ending 31 December 2018 : i) The profit and loss appropriation account for Penelope and Eagleman 11) The partners' capital accounts and current accounts in columnar format b) :) Why in many partnerships are current accounts prepared as well as capital accounts? 11) In partnership accounts what are the purposes of the income statement and a profit and loss appropriation account? 111) In partnership accounts why interest is allowed on capitals and interest is charged on drawings