Dave, Andrew, and Timothy have operated a partnership business for several years sharing profits and losses in the ratio 4:2:3. Interest of 6% per annum is to be computed on the capital invested and all drawings are to be charged a per annum rate of 5%. Andrew is to be granted a monthly salary of $600 for working extra hours in the business and Timothy will receive a salary of $4,500 per annum. The partnership list of balances at December 31, 2023 is given below:

	DR		CR
	$		$
Land	380,000
Premises ($280,000 at cost)	210,000
Fixtures	85,625
Motor Vehicles	65,000
Accumulated Depreciation
Fixtures			14,035
Motor Vehicles			12,535
Inventory	14,500
Sales			909,050
Utilities	10,715
Purchases	305,625
Sales Returns	1,475
Import Duties	1,540
Carriage Inwards	1,435
Discounts	3,500		950
Commission Received			2,985
Administration Expenses	25,480
Accounts Receivable	38,600
Distribution Expenses	21,600
Accounts Payable			17,920
Miscellaneous Expenses	3,920
Salaries and Wages	23,500
Bad Debts	750

Capital Accounts (Jan 1, 2023)

Dave 109,000

Andrew 95,250

Timothy 85,500

Current Accounts (Jan 1, 2023)

Dave			17,585
Andrew	2,400
Timothy			16,320
Bank	56,525
Drawings (Jan 1, 2023)
Dave	5,000
Andrew	6,400
Timothy	3,800
Motor Vehicles Expenses	13,740
	1,281,130		1,281,130

ADDITIONAL INFORMATION

1. Inventory at 31 December 2023 was valued at $22,500.
2. An allowance for doubtful debts of 5% is to be created on the receivables.
3. Depreciation is to be charged as follows:
   1. Motor Vehicles - 20% on cost/valuation.
   2. Fixtures - 15% on the written down value.
   3. Premises - $10,500 for the period.

The following transactions were NOT recorded during the year:

1. On 1 July 2023, Andrew loaned the partnership $20,000 to be repaid in full in 2030.
2. On August 1, 2023 Timothy invested $35,000 cash and a motor vehicle valued at $15,000 into the partnership.
3. Some small items of goods were purchased and paid for out of the cash $6,500.
4. Goods costing $1,400 were returned to the suppliers but no records were made during the year.
5. Dave and Andrew took goods from the business during the year valued at cost for personal use. These were estimated at $2,800 and $1,900 respectively. Additionally, Dave, Andrew and Timothy withdrew $3,840, $18,200, and $5,725 respectively in cash from the business.
6. A vehicle with a book value of $1,500 was sold for $1,750 cash. The cost of the vehicle was $2,500.
7. The value of salaries of $23,500 included the amount paid to Andrew.
8. At the end of the year administration expenses totaling $680 were prepaid while distribution expenses of $740 were still outstanding.
9. One of the company's vehicles is used frequently by Timothy's daughter. The cost of this usage (included in the motor vehicle expenses) is an estimated $4,400; this is to be charged personally to Timothy.

REQUIRED

(a)An Income Statement for the year ended 31 December 2023.
(b)The partners' drawings and capital accounts using columnar format.
(c)A Statement of Appropriation for the year ended 31 December 2023.
(d)The partners' current accounts using columnar format.
(e)The Statement of Financial Position of the partnership at 31 December, 2023.