Write down Partnership Act $1890$ that apply in the absence of partnership agreement. Thomas Ltd has the following share capital structure at $30$ April $2010.$Authorized share capital$200,000-4\%$ Preferred shares of $$1$ each$500,000-50$p Ordinary Shares$200,000250,000450,000$Issued, called up and fully paid share capital $150,000-4\%$ Preferred shares of $$1$ each$300,000-50$p Ordinary shares$150,000150,000300,000$The following balance have been extracted from the accounting records of Thomas Ltd at $30$ Aprill $2010.$$Gross trading profit for the year$192,953$Debenture interest paid$4,200$Loan Interest$3,950$Retained Earnings at $1$ May $2009104,228$Other administrative expenses$32,471$Depreciation charge for the year$4,500$Interim ordinary dividend paid$6,000$Directors' fee$36,200$There are some additional items that need to be incorporated into income statement$\mathrm{.}1.$ The company issued that need to be incorporated into the income statement$\mathrm{.}2.$ Loan interest of $$650$ needs to be accrued$3.$ Additional directors' fee of $$8,000$ need to be accrued$4.$ The directors estimate that the auditors' remuneration will be $$10,200\mathrm{.}5.$ The preferred dividend has not yet been paid$6.$ A final ordinary dividend of $5$p per share is proposed$7.$ A transfer of $$15,000$ is to be made to a General Reserve.