1. Q.1 P,Q and Rare partners in a firm sharing profits in the ratio of 4:4:2 Partners are entitled to interest on capital 8% per annum and Salaries of 140 per month. The Following balances were extracted from their books on 30th March, 2020. Prepare Profit and Loss Account for the year ended 30th May, 2021 and a Balance Sheet as at that date. In doing so the following adjustments are required to be made. P's Capital P's Drawings Q's Capital Drawings R's Capital R's Drawings Salaries Computer Purchases Sales Buildings Commission Dr Advertising General Charges Interest Cr. Bad debts Taxes and Insurance Furniture Repairs Factory Expenses Opening Stock of Raw Material Bank Balance Office expense Sundry Debtors Sundry Creditors Bills Receivable Loan 5.5% 30,000 1.125 25,000 1.000 15,000 1,500 4.965 32.100 79,085 142.235 36,870 1.060 1,075 2,670 200 625 1.235 1.000 1.245 25,785 18.995 5,745 1.730 15,710 4,300 4,465 21.250 1. Closing stock was Valued RO 36,000 2. Write off depreciation on computer at 12.5%, on Buildings at 5% and on Building at 10% and on Furniture @5% 3. Further Bad debts RO 1,000 no 1 no 1 nn non