2.Journalise the Following Transaction and post them in to Ledger Account.. 1. Ram commenced business with OMR 500 2. Purchased Furniture for Cash OMR 300 3. Purchased Machinery from Manoj on credit OMR 400 4. Received cash from Goyal OMR 800 5.Paid Rent to landlord OMR 500 3.Prepare Trading and Profit and Loss account from the following information for the year 31st December 2015. Opening stock 5,500 Return outward 1,500 Purchases 18,400 Return inward 900 Manufacturing wages 4,400 General expenses 700 Sales 42,000 Discount allowed 800 Carriage inward 600 Discount Received 500 Carriage outward 700 Interest Received 450 Factory Rent 2000 Closing Stock 8700 Office Rent 1200. a) Why does every company prepare profit and loss account? b) What treatment is made when closing stock is showing adjustment? 4.On 1st January,2015, Mr. Author and Mr. Book entered into partnership on the following terms: a) Mr. Author and Mr. Book are to contribute capitals of Ro.50,000 and Ro.30,000 respectively. b) profit and losses are to be shared in the ratio of 3:2. c)interest on capital is to be allowed at 5% per annum. d)interest on drawings is to be charged at 2 percent per annum. e) Mr. Author is to get a salary of Ro.500 per month. f) Mr. Book is to get a commission at 2 percent on the net profit of the firms before charging any of the above. On 31st December 2015 their trading and profit before giving effect to the above terms was Ro.60,000. during the year Mr. Author has withdrawn Ro.1000 and Mr. Book Ro.500 from the firm on which interest is to be charged for the whole year. You are requiring to prepare profit and loss appropriation accounts for the year ended 31st December 2015 and partners' capital accounts in cases when:i)Their Capitals are fixed. ii)their capitals are fluctuating. a) Why it is considered desirable to make the partnership agreement in writing b) What happens when there is a new partner joins in partnership firm? 5.XY Ltd was registered with an authorized capital of Ro.200,000 shares f Ro.140,000 Shares were issued to the public. The public subscribed for Ro.100,000 shares. The company called up Ro.7 per share. All the money called up was duly received with the exception of a call of Ro.2 per share on 1000 shares. Show the amount of various types of share capital. 1)Where will you show call in arrears in the balance sheet