QUESTION 3 Mweemba and Phiri are in partnership sharing profits and losses in the ratio 7:3 respectively The following information has been taken from the partnership records for the year ended 31 May 2020. Partners' capital account Partners' current accounts, balances as at 1 June 2019 : During the year ended 31 May 2020 the partners made the following withdrawals from the partnership bank account. Interest is to be charged on withdrawals at the rate of 12% per annum. Interest is allowed on capital accounts and credit balances on current accounts at the rate of 12% per annum. Phiri is to be allowed a salary of k15,000 per annum. The Net profit of the partnership for the year ended 31 May 2020 is k102,940. Required (a) A computation of the amount of interest chargeable on each Partner's withdrawals for the year ended 31 May 2020. (b) The partnership appropriation account for the year ended 31 May 2020 (c) A computation of the balance on each partner's current account as at 31 May 2020 (20 marks)