Account Name Capital Mr. Dawood Mr. Rawan Drawings Mr. Dawood Mr. Rawan Opening Stock Purchases and Sales Carriage inward Returns Stationery Wages Bills receivables and Bills payables Discount Salaries Rent and Taxes Insurance premium Postage Sundry expenses Commission Debtors and creditors Building Debit Credit Balance Balance 90000 8000 9000 6500 6,000 5,000 35,100 4000 4000 2,200 3,000 2,200 1,200 12,500 45,000 32,000 400 900 12,000 18,000 2,400 300 1,100 95,000 1,20,000 3,200 40,000 ... W > IS La 12,000 18,000 2,400 300 1,100 3,200 40,000 Salaries Rent and Taxes Insurance premium Postage Sundry expenses Commission Debtors and creditors Building Plant and machinery Investments Furniture and Fixture Bad Debts Bad debts provision Loan Legal Expenses Audit fee Cash in hand Cash at Bank 95,000 1,20,000 80,000 1,00,000 26,000 2,000 4,600 35,000 200 1,800 13,500 23,000 laul Mr. Dawood and Mr. Rawan were partners sharing profits and losses in the ratio of 2:1. The following balances were extracted from the books of account for the year ended December 31, 2015 1. Prepare final accounts for the year ended December 31,2016, with following adjustment: (3 marks) (a) Stock on December 31,2015 was OMR 30000 (b) A Provision is to be made for bad debts at 10% on debtors. (c) Rent outstanding was OMR 2000 (d) Wage's outstanding were OMR10000 (e) Interest on capital to be allowed on capital @15000 per annum and interest on drawings to be charged @20000 per annum. ( Mr. Dawood and Mr. Rawan are entitled to a Salary of OMR10000 per annum. (8) Mr. Rawan is entitled to a commission OMR1000 (2). Prepare Profit and loss appropriation account (2 Marks) (3) Prepare Capital accounts of partners (1 Marks) (4) Prepare Balance sheet of the partnership firm. (2 Marks) 1. (B) You and your friend Mr. Mohammed started a partnership firm. You are planning to admit another friend Mr. Ahammed as new partner. If you are admitting your friend Mr. Ahammed as a new partner, how it will affect in your partnership firm? (List any 4 impacts in the existing business) (2 Marks) Account Name Capital Mr. Dawood Mr. Rawan Drawings Mr. Dawood Mr. Rawan Opening Stock Purchases and Sales Carriage inward Returns Stationery Wages Bills receivables and Bills payables Discount Salaries Rent and Taxes Insurance premium Postage Sundry expenses Commission Debtors and creditors Building Debit Credit Balance Balance 90000 8000 9000 6500 6,000 5,000 35,100 4000 4000 2,200 3,000 2,200 1,200 12,500 45,000 32,000 400 900 12,000 18,000 2,400 300 1,100 95,000 1,20,000 3,200 40,000 ... W > IS La 12,000 18,000 2,400 300 1,100 3,200 40,000 Salaries Rent and Taxes Insurance premium Postage Sundry expenses Commission Debtors and creditors Building Plant and machinery Investments Furniture and Fixture Bad Debts Bad debts provision Loan Legal Expenses Audit fee Cash in hand Cash at Bank 95,000 1,20,000 80,000 1,00,000 26,000 2,000 4,600 35,000 200 1,800 13,500 23,000 laul Mr. Dawood and Mr. Rawan were partners sharing profits and losses in the ratio of 2:1. The following balances were extracted from the books of account for the year ended December 31, 2015 1. Prepare final accounts for the year ended December 31,2016, with following adjustment: (3 marks) (a) Stock on December 31,2015 was OMR 30000 (b) A Provision is to be made for bad debts at 10% on debtors. (c) Rent outstanding was OMR 2000 (d) Wage's outstanding were OMR10000 (e) Interest on capital to be allowed on capital @15000 per annum and interest on drawings to be charged @20000 per annum. ( Mr. Dawood and Mr. Rawan are entitled to a Salary of OMR10000 per annum. (8) Mr. Rawan is entitled to a commission OMR1000 (2). Prepare Profit and loss appropriation account (2 Marks) (3) Prepare Capital accounts of partners (1 Marks) (4) Prepare Balance sheet of the partnership firm. (2 Marks) 1. (B) You and your friend Mr. Mohammed started a partnership firm. You are planning to admit another friend Mr. Ahammed as new partner. If you are admitting your friend Mr. Ahammed as a new partner, how it will affect in your partnership firm? (List any 4 impacts in the existing business) (2 Marks)
