Draw up a profit and loss appropriation account for the year ending 31 December 2017 and statement of financial position extract at that date, from the following:
(i) Net profits £111,100.
(ii) Interest to be charged on capitals: Blair £3,000; Short £2,000; Steel £1,500.
(iii) Interest to be charged on drawings: Blair £400; Short £300; Steel £200.
(iv) Salaries to be credited: Short £20,000; Steel £25,000.
(v) Profits to be shared: Blair 70%; Short 20%; Steel 10%.
(vi) Current accounts: balances b/d Blair £18,600; Short £9,460; Steel £8,200.
(vii) Capital accounts: balances b/d Blair £100,000; Short £50,000; Steel £25,000.
(viii) Drawings: Blair £39,000; Short £27,100; Steel £16,800.