WAEC Financial Accounting 2012 Theory question 105

Audu and Bala are partners sharing profits and losses equally. The following trial balance has been extracted from the books of the firm for the year ended 31st December, 2010.
Capital Account: Audu — Cr ₦370,000
Capital Account: Bala — Cr ₦730,000
Drawings: Audu — Dr ₦10,000
Drawings: Bala — Dr ₦120,000
Purchases — Dr ₦2,400,000
Sales — Cr ₦3,500,000
Creditors — Cr ₦510,000
Debtors — Dr ₦600,000
Provision for bad debts — Cr ₦10,000
Provision for depreciation on equipment — Cr ₦170,000
Plant and equipment — Dr ₦700,000
Cash in hand — Dr ₦10,800
Cash at bank — Dr ₦400,000
Stock — Dr ₦370,000
Insurance — Dr ₦8,300
Selling expenses — Dr ₦400,000
Administrative expenses — Dr ₦330,000
Bank interest received — Cr ₦59,100
Totals — Dr ₦5,349,100; Cr ₦5,349,100
Additional information:
(i) Interest on capital is 6% per annum.
(ii) Salaries: Audu ₦75,000 per annum, Bala ₦90,000 per annum.
(iii) Closing stock was ₦130,000.
(iv) Audu's Capital Account including a credit for ₦40,000 invested on 31st December, 2010.
(v) Provision for bad debts is to be increased by 1% of sales.
(vi) Depreciation on equipment is to be at 10% per annum on cost.
(vii) No separate Current Accounts are maintained by the partners.
You are required to prepare: (a) Trading, profit and loss accounts for the year ended 31st December, 2010; (b) Appropriation Account, and (c) Partners' Capital Accounts.