Case The junior accountant of the firm has prepared the following trial balance as on 31 December 2019 after incorporating gross profit and balance sheet as on 31 December 2019. He has missed a few ledger account balances in preparing the trial balance but included those accounts in the balance sheet Trial Balance for the year ended 31" December 2019. ME FOR PERDE hui A 100 W Comid al. A IS Tual Balance sheets celeber A The partnership agreement provides for the following information: a) Interest on drawings is charged at 6% per annum b) Interest on capital is allowed at 10% per annum. You are required to: prepare the partnership profit and loss account for the year ended 31 December 2019 prepare the partnership appropriation account for the year ended 31 December 2019 (2 marks) prepare cach partner current account at 31 December 2019 (2 marks) State whether the claim is valid if the partnership agreement is silent in the following matters. (2 marks) Ajim is an active partner so he wants OMR 10,000 per annum If Arif advanced a loan to the firm, can be claim interest 10% per annum? Case-6 The junior accountant of the firm has prepared the following trial bulance 23 on 31 December 2019 after incorporating gross profit and balance sheet as on 31 December 2019. He has missed a few lediger account balances in preparing the trial balance but included those accounts in the balance sheet Trial Balance for the year ended 31" December 2019. Particulars Debit (OMR) Credit (OMR) Provision for depreciation Building Drawings - Alms Anil Building 2000 1000 2 BRO Bank Loan Interest received Debtors and Creditors Current account - Ajins Aril Crossfit Commission paid Capital - Ajims Aril 000 SORO 4000 UKU SOKKO SOCO 1000 CORO SINI 2570001 Balance Sheet As on December 31 2019, Amunt Amount SOO Tools 7.000 Debes 10,000 Building 13.000 24,000 Cash 7.000 Credits Bank loan Capital - Ajims 15.000 Ari-9000 Current Account Ajim And Salary Outstanding 203 1000 37000 37000 The partnership agreement provides for the following information, a) Interest on drawings is charged at sperm b) Interest on capital is allowed at 10% per annum You are required to a prepare the partnership profit and loss account for the year ended 31 December 2019 (4 marks) prepare the partnership appropriation account for the year ended 31 December 2019 c. prepare cach partner current count: 31 December 2019 d Suate whether the claim is valid if the partnership agreement is silent in the following mullers 1) jims is an active partner so he wants OMR 10,000 per mm If Arif advanced a loan to the firm, can he claim interest at 10% per Case The junior accountant of the firm has prepared the following trial balance as on 31 December 2019 after incorporating gross profit and balance sheet as on 31 December 2019. He has missed a few ledger account balances in preparing the trial balance but included those accounts in the balance sheet Trial Balance for the year ended 31" December 2019. ME FOR PERDE hui A 100 W Comid al. A IS Tual Balance sheets celeber A The partnership agreement provides for the following information: a) Interest on drawings is charged at 6% per annum b) Interest on capital is allowed at 10% per annum. You are required to: prepare the partnership profit and loss account for the year ended 31 December 2019 prepare the partnership appropriation account for the year ended 31 December 2019 (2 marks) prepare cach partner current account at 31 December 2019 (2 marks) State whether the claim is valid if the partnership agreement is silent in the following matters. (2 marks) Ajim is an active partner so he wants OMR 10,000 per annum If Arif advanced a loan to the firm, can be claim interest 10% per annum? Case-6 The junior accountant of the firm has prepared the following trial bulance 23 on 31 December 2019 after incorporating gross profit and balance sheet as on 31 December 2019. He has missed a few lediger account balances in preparing the trial balance but included those accounts in the balance sheet Trial Balance for the year ended 31" December 2019. Particulars Debit (OMR) Credit (OMR) Provision for depreciation Building Drawings - Alms Anil Building 2000 1000 2 BRO Bank Loan Interest received Debtors and Creditors Current account - Ajins Aril Crossfit Commission paid Capital - Ajims Aril 000 SORO 4000 UKU SOKKO SOCO 1000 CORO SINI 2570001 Balance Sheet As on December 31 2019, Amunt Amount SOO Tools 7.000 Debes 10,000 Building 13.000 24,000 Cash 7.000 Credits Bank loan Capital - Ajims 15.000 Ari-9000 Current Account Ajim And Salary Outstanding 203 1000 37000 37000 The partnership agreement provides for the following information, a) Interest on drawings is charged at sperm b) Interest on capital is allowed at 10% per annum You are required to a prepare the partnership profit and loss account for the year ended 31 December 2019 (4 marks) prepare the partnership appropriation account for the year ended 31 December 2019 c. prepare cach partner current count: 31 December 2019 d Suate whether the claim is valid if the partnership agreement is silent in the following mullers 1) jims is an active partner so he wants OMR 10,000 per mm If Arif advanced a loan to the firm, can he claim interest at 10% per
