QUESTION 2 [20 Marks]

Tyty, Tina and Tinady formed their partnership business, and they are performing well since the commencement of their partnership. In 2021 their Net profit amounted to $666 600 and they agreed to share their profit and losses as follows: Tyty 70%, Tina 20% and Tinady 10%.

Description	$
Interest on capital	Tyty: 18 000 Tina: 12 000 Tinady: 9 000
Interest on drawings	Tyty: 2 400 Tina: 1 800 Tinady: 1 200
Current accounts	Tyty: 111 600 Tina: 56 760 Tinady: 49 200
Capital accounts	Tity: 600 000 Tina: 300 000 Tinady: 150 000
Drawings	Tyty: 234 000 Tina: 162 600 Tinady: 100 800
Salaries to be credited	Tina: 120 000 Tinady: 150 000

Required: Prepare a profit and loss appropriation account for the year ending 31 December 2021. (20 MARKS)