Draw up a profit and loss appropriation account for the year ending 31 December 2020 and balance sheet extract at that date, from the following:

(i) Net profits £111,100.

(ii) Interest to be charged on capitals: Steel £3,000; Blair £2,000; Short £1,500.

(iii) Interest to be charged on drawings: Steel £400; Blair £300; Short £200.

(iv) Salaries to be credited: Blair £20,000; Short £25,000.

(v) Profits to be shared: Steel 70%; Blair 20%; Short 10%.

(vi) Current accounts: balances b/d Steel £18,600; Blair £9,460; Short £8,200.

(vii) Capital accounts: balances b/d Steel £100,000; Blair £50,000; Short £25,000.

(viii) Drawings: Steel £39,000; Blair £27,100; Short £16,800.