QUESTION ONE B,H and W share profits and losses in the ratios 4:1:3 respectively. The following notes are relevant at 30 April 2004: 1) Stock at 30 April was K74,223,000 2) Business rates in advance K200,000; stock of postage stamps K 68,000. 3) Increase provision for doubtful debts to K1, 400,000 . 4) Salaries to partner H was K18,000,000; and to partner W was K14, 000,000. Not yet recorded. 5) Interest on Drawings: B K300, 000; H K200, 000; W K240, 000. 6) Interest on capital at 8 percent. Depreciation on office equipment is K1, 100,000 and on computers is twenty percent (20\%) on reduced balance method. Sales Returns inwards Purchases Carriage inwards Stock 30 April 2003 Discount allowed Salaries and wages Bad debts Provision for doubtful debts 30 April 2003 General expenses Business rates Postage Computers at cost Office equipment at cost Provisions for depreciation at 30 April 2003 Computers Office equipment Creditors Debtors Cash at bank Drawings: K000K000334,618 10,200196,2393,10068,12719054,1171,620 950 1,017 2,900 845 8,400 5,700 3,600 2,900 36,480 51,320 5,214 39,000 16,000 Required: Draw up a set of financial statements for the ended 30 April 2004 showing separately the entries in the current accounts of partners. 25 marks