Question 3 Tick and Talk are in partnership, sharing profits and losses in the ratio 2:3. The partnership agreement provides for the following: Tick is entitled to a salary of RM32,000; Talk is entitled to a salary of RM26,000; Interest on the partners' capital balances is paid at a rate of 8% per annum Interest is charged at a rate of 12% per annum on the partners' drawings. At 1 January 2020, the partners' capital and current account balances were: Tick Talk Capital RM 47,500 (credit) RM 34,800 (credit) Current 1,680 (debit) 6,750 (credit) On 1 May 2020 Tick increased his capital by RM 20,000. Talk provided a loan of RM 16,000 to the partnership on 1 October 2020. The interest charge on the loan is 5% per annum, which was still outstanding on 31 December 2020. Net profit for the year was RM 65,340 before deducting interest charges. During the year to 31 December 2020, drawings by the partners are as follows Tick's RM 10,000 8,000 4 000 2,000 (withdrew 1 February 2020) (withdrew 31 July 2020) (withdrew 1 November 2020) (withdrew on 31 December 2020) Talk's RM 8,000 (withdrew on 1 June 2020) 15,000 (withdrew on 1 October 2020) 3,000 (withdrew on 31 December 2020) Required: a) Prepare the appropriation account for the partnership for the year to 31 December 2020. (15 marks) b) Prepare the partners' current accounts for the year to 31 December 2020. (10 marks) (Total: 25 marks)