State whether the following are true or false. If false, explain why. 

(a) Drawings are an expense recorded in the partners’ trading, profit and loss and appropriation account (i.e., a separate section of the income statement called the appropriation account). 

(b) Partners’ current accounts report the yearly short-term movements in partners’ equity or capital. 

(c) The nominal value of a company’s shares is the amount the shares will fetch on the stock market. 

(d) An unsecured loan is secured on specific assets such as the company’s machinery. 

(e) Reserves can be spent on the purchase of property, plant and equipment.