Light and Dark are in partnership sharing profits and losses in the ratio 7: 3, respectively. The following information has been taken from the partnership records for the financial year ended 31 May 20X3:

Partners' capital accounts, balances as at 1 June 20X2:

Light ............... £200000

Dark .................£140000

Partners' current accounts, balances as at 1 June 20X2:

Light ............... £150000 Credit

Dark .................£130000 Credit

During the year ended 31 May 20X3 the partners made the following drawings from the partnership bank account:

Light £10,000 on 31 August 20X2

£10,000 on 30 November 20X2

£10,000 on 28 February 20X3

£10,000 on 31 May 20X3

Dark £7,000 on 31 August 20X2

£7,000 on 30 November 20X2

£7,000 on 28 February 20X3

£7,000 on 31 May 20X3

Interest is to be charged on drawings at the rate of 12 per cent per annum. Interest is allowed on capital accounts and credit balances on current accounts at the rate of 12 per cent per annum. Dark is to be allowed a salary of £15,000 per annum.

The net profit of the partnership for the year ended 31 May 20X3 is £102,940.

Required

a. A computation of the amount of interest chargeable on each partner's drawings for the year ended 31 May 20X3.

b. The partnership appropriation account for the year ended 31 May 20X3.

c. A computation of the balance on each partner's current account as at 31 May 20X3.