A. Said. Al-Khatab and Ahmed are partners sharing profits and loss in the ratio of 3:1:2. Their Trial Balance is shown below and you are required to prepare the following after taking into account the additional information: a) Adjusting Entries (2.5 marks) b) Income Statement for the year ended March 31, 2019 (2.5) c) Profit and Loss Appropriation Account (3.0) d) Partners' Capital Accounts (2.5) e) Balance Sheet (2.5) Trial Balance as on 31st March, 2019 DMCA CA ALK Ahmad Pache Sandy Bebo Bin Moe Ook Wa Pod Teleg Mary Cound Carrie Baldes padomi Adjustments: The closing stock is valued at OMR 31,000. 2,Outstanding expenses were wages OMR 1,400, salaries OMR 800. Depreciate Plant and Machinery by 10%. Insurance at OMR 500 is paid in advance. Provide for further bad debts of OMR 1,500. Commission due but not received OMR 1,200. The following were agreed upon: a) Said is entitled to a salary of OMR 1,000 per month b) Al-khatab and Ahmed are to receive commission of 10% of net profit before salaries and interest on capital. (each of them) c) Interest on capital is 5% p.a. B Admission of a New Partner (2 marks) A. Said. Al-Khatab and Ahmed are partners sharing profits and loss in the ratio of 3:1:2. Their Trial Balance is shown below and you are required to prepare the following after taking into account the additional information: a) Adjusting Entries (2.5 marks) b) Income Statement for the year ended March 31, 2019 (2.5) c) Profit and Loss Appropriation Account (3.0) d) Partners' Capital Accounts (2.5) e) Balance Sheet (2.5) Trial Balance as on 31st March, 2019 DMCA CA ALK Ahmad Pache Sandy Bebo Bin Moe Ook Wa Pod Teleg Mary Cound Carrie Baldes padomi Adjustments: The closing stock is valued at OMR 31,000. 2,Outstanding expenses were wages OMR 1,400, salaries OMR 800. Depreciate Plant and Machinery by 10%. Insurance at OMR 500 is paid in advance. Provide for further bad debts of OMR 1,500. Commission due but not received OMR 1,200. The following were agreed upon: a) Said is entitled to a salary of OMR 1,000 per month b) Al-khatab and Ahmed are to receive commission of 10% of net profit before salaries and interest on capital. (each of them) c) Interest on capital is 5% p.a. B Admission of a New Partner (2 marks)
