Extracts for preparing financial statements of partnership firm:

Choco Partnership Firm

Trial Balance for the year ending $31$ December $2023$

Dr Cr

OMR OMR

Capital $-$ Sharif $250000$

Capital $-$ Naim $125000$

Stock $150000$

Machinery $($cost$)30000$

Machinery $($depreciation provision$)10000$

Purchases $90000$

Administration expenses $60000$

Land $310000$

Sales $351381$

General expenses $45900$

Rent $63000$

Debtors $125000$

Creditors $($Accounts Payable$)62000$

Commission received $4319$

Commission paid $2300$

Furniture $($cost$)15000$

Furniture $($depreciation provision$)1500$

Cash $13000$

Current account $-$ Sharif $60000$

Current account $-$ Naim $40000$

Total $904200904200$

Adjustments:

$1.$ Closing stock is valued at OMR $125000$

$2.$ Salaries of the Partner:

$($a$)$ Sharif: OMR $10000$

$($b$)$ Naim: OMR $10000$

$3.$ Profit should be shared equally between the partners

$4.$ Interest allowed on capital is $10\%$ per annum

$5.$ The current account opening balance as on $1-1-2023$ was:

$($a$)$ Sharif: OMR $70000$ less drawings of OMR $10000$

$($b$)$ Naim: OMR $50000$ less drawings of OMR $10000$