Question 2 Tim, Ray and Hal are partners in a business with the following transactions taking place in 2021: 1. Net profits are $350,00 2. Interest to be charged on capitals: Tim $6,000; Ray $4,500; Hal $2,500 1. 2. 3. 3. 4. Interest to be charged on drawings: Tim $1,000; Ray $500; Hal $400 Salaries to be credited: Tim $ 16,000; Hal $9,000 5. Profits to be shared: Tim 40%; Ray 25%; Hal 35% 6. 7. 8. Current accounts: balances b/d Tim $20,000; Ray $10,000; Hal $6,000 Capital accounts: balances b/d Tim $70,000; Ray $60,000; Hal $40,000 Drawings: Tim $15,000; Ray $10,000; Hal $8,000 Draw up a profit and loss appropriation account for the year ending 31 December 2021.(8 Marks). Draw up a statement of financial position (balance sheet) extract as at 31 December 2021(11 Marks). What advantages do you think there might be to general partners in having a limited partner? (6 Marks)