Account Name Debit Balance Credit Balance 50,000 40,000 6,000 5,000 35,100 35,000 2,200 50,000 3,000 2,200 1,200 12,500 45,000 32,000 900 400 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 Plant and machinery Investments Furniture and Fixture Bad Debts Bad debts provision Loan Legal Expenses Audit fee Cash in hand Cash at Bank 12,000 18,000 2,400 300 1,100 3,200 40,000 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 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 25,000 (b) A Provision is to be made for bad debts at 5% on debtors. (c) Rent outstanding was OMR 1000 (d) Wage's outstanding were OMR 900 (e) Interest on capital to be allowed on capital @ 5000 per annum and interest on drawings to be charged @ 3500 per annum. Mr. Dawood and Mr. Rawan are entitled to a Salary of OMR 12000 per annum. (g) Mr. Rawan is entitled to a commission OMR 600 (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) Account Name Debit Balance Credit Balance 50,000 40,000 6,000 5,000 35,100 35,000 2,200 50,000 3,000 2,200 1,200 12,500 45,000 32,000 900 400 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 Plant and machinery Investments Furniture and Fixture Bad Debts Bad debts provision Loan Legal Expenses Audit fee Cash in hand Cash at Bank 12,000 18,000 2,400 300 1,100 3,200 40,000 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 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 25,000 (b) A Provision is to be made for bad debts at 5% on debtors. (c) Rent outstanding was OMR 1000 (d) Wage's outstanding were OMR 900 (e) Interest on capital to be allowed on capital @ 5000 per annum and interest on drawings to be charged @ 3500 per annum. Mr. Dawood and Mr. Rawan are entitled to a Salary of OMR 12000 per annum. (g) Mr. Rawan is entitled to a commission OMR 600 (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)