SECTION B ANSWER ANY TWO (2) QUESTIONS FROM THIS SECTION (40 marks) Question #2 (20 marks) CLO4 Monique and Karen operate M& K store as a partnership and shared profit and losses in the ratio of 3:2 respectively. The following balances appeared on the books as at December 31, 2019. Capital Account Balances Monique S250,000 CR Karen S120.000 CR Current Account Monique Karen S 50,000 DR S 30,000 CR The following also applies to the partners: 1. The partnership agreement provides that interest on capital and drawings be charged at 10% per annum; the partners should receive salaries as follows: Monique $6,000 and Karen $7.200 2. The partners' drawings for the year amounted to: Monique 89,000 and Karen S10,000. 3. The net profit of the partnership at the end of the year amounted to S240,000. Required: 1. The Profit and Loss Appropriation account for the period ended December 31, 2019 (10 marks) 2. The Partner's Capital Account as at January 1, 2019 (1 marks) 3. The Current account for the period ended December 31, 2019 (9 marks) II Page 4 of 7