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:

(1)Net profits £111,100.

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

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

(4) Salaries to be credited: Short £20,000; Steel £25,000.

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

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

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

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