QUESTION FIVE Mwansa and Musonda have been in partnership just for one year. The following is their partnership agreement They are sharing profits and losses equally. They are entitled to 10% on capitals per annum. Mwansa and Musonda have K100,000 and K200,000 as capitals respectively Mwansa is entitled to a salary of K3,000, and Musonda K5,000. Interest is charged on partners drawings. Mwansa is charged K2,000 and Musonda K1,500. Drawings during the year were Mwansa K6,000 and Musonda K5,000. The net profit before the distribution as at 31.12.2017 amounted to K70,000 Required (a) Prepare appropriation account (8 Marks) (b) Prepare partnership current accounts in columnar form (7 Marks) (c) Prepare partnership balance sheet extract (5 Marks) [Total 20 Marks)