Adjustments:

- Closing stock is $ 90,000. Its market value is 20% more than its value. -Calculate interest on capital @ 7% p.a. -Interest on drawings to be charged from partners: Rushabh $1000, Yesha $700. -Provision for doubtful debts is to be kept at 5%. -Outstanding expenses at the end of the year: Rent $1300, Salary $750. -Provided depreciation at 12% on machinery and at 7% on furniture. -Write off $5,500 from leasehold building. -Assume $1 is equal to BDT 106. (BDT = Bangladeshi Taka) -Company pays tax at at rate of 10%

1) i. Prepare an income statement. (Multi-step) ii. Prepare partnership appropriation accounts. iii. Prepare a balance sheet. iv. Please calculate the personal tax in BDT for each partner following Bangladeshi tax laws.

2) From the trial balance and above (ignore that its a partnership company) prepare a cash flow statement.

Opening balance for creditors (Accounts payable) is $70000, and debtors (accounts receivable) is $95000. Cash at the beginning of the year was $7000. There was no prepaid or owing expenses at the beginning of the year. Bills receivable decreased by 1000 and bills payable increased by 1500.