QUESTION 4: (20 marks) CLO 4 Joan and Jake are in partnership trading as Jamaica Jolly. On January 1, 2014 the following information was extracted from the partnership's books: Details Current account Joan $500,000 Cr Jake 290,000 Dr Capital account $2,500,000 Cr $1,850,000 Cr For the financial year to December 31, 2014 the partnership made operating profit of $2,600,000. The partnership agreement provided that partners were paid salaries amounting to twenty percent (20%) of the balance on their capital account as at the start of the financial year. Interest on drawings was to be paid at ten percent (10%) per annum, while partners were to receive interest at five percent (5%) per annum on their capital accounts. Cash drawings for the year were Joan, $400,000 and Jake, $500,000. The partners share profits in the ratio 3:2. Required: (a) The Partners Capital Accounts as at December 31, 2014. (3 marks) (b) The Partners Current Accounts for the financial year to December 31, 2014. (8 marks) (c) The Profit and Loss Appropriation for the financial year. marks) (9