The partners have agreed that:

Profit and losses are to be shared equally.

Interest on Drawings is at 3% per year.

Interest on Capital is at 5% per year.

Required:

a.

Prepare the Profit and Loss Appropriation Account for the year ending 31

December 2022. (9 marks)

b.

The Partners Current Account for the year 2022. (6 marks)

The balances extracted from the books of Tom \& Jerry are shown below