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Information P Flag question Case 1 Mazin, Mansoor and Malik started a partnership firm on January 1 2019. They contributed RO. 50,000, RO. 40,000 and RO. 30,000 respectively as their capitals and decided to share profits in the ratio of 3:2:1. The partnership deed provided that Mazin is to be paid salary of RO 12000 p.a. and Mansoor commission of RO. 2,500 every 6 months. It also provided that interest on capital be allowed 6% p.a. The drawings for the year were: Mazin RO. 6,000, Mansoor RO. 4,000 and Malik RO. 2,000. Interest on drawings was RO. 270 for Mazin, RO.180 for Mansoor and RO. 90 for Malik. The net amount of profit as per the profit and loss account for the year ended 2019 was RO. 35,660. Question: Prepare the necessary accounting entries, the profit and loss appropriation account and the partners' capital accounts. Based on the above information answer the following '3' questions. (Do not upload any documents in the moodle) Identify which one of the following accounting entry for payment of salary to partner Mazin at the end of the year: Question 29 Not yet answered Marked out of 100 Flag question O & Dr: Mazin's capital account RO 12000 Cr: Mazin's salary account RO 12000 Ob Dr: Mazin's capital account RO 1000 Cr:N r: Mazin's salary account RO 1000 OC Dr: Mazin's Salary account RO 12000 Cr: Mazin's capital account RO 12000 Od Dr: Mazin's salary account RO 1000 Cr: Mazin's capital account RO 1000 Question 30 Not yet answered The accounting treatment of commission of RO 5000 paid to partner Mansoor will be O a. Credited to Mansoor's capital account red Question 29 Not yet answered Identify which one of the following accounting entry for payment of salary to partner Mazin at the end of the year: Marked out of 1.00 P Flag question a. Dr: Mazin's capital account RO 12000 Cr: Mazin's salary account RO 12000 b. Dr: Mazin's capital account RO 1000 Cr: Mazin's salary account RO 1000 OC Dr: Mazin's Salary account RO 12000 Cr: Mazin's capital account RO 12000 Od Dr: Mazin's salary account RO 1000 Cr: Mazin's capital account RO 1000 Question 30 Not yet answered Marked out of 1.00 a The accounting treatment of commission of RO 5000 paid to partner Mansoor will be O a. Credited to Mansoor's capital account b. Credited to profit and loss appropriation account Oc. Debited to profit and loss account d. Debited to Mansoor's capital account Flag question Question 31 Not yet answered Marked out of 1.00 Identify which one of following statement is correct regarding the transfer of interest on capital at the end of the year: O a. The amount of RO 3600 debited to profit and loss appropriation account b. The amount of RO 7200 credited to profit and loss appropriation account OC. The amount of RO 7200 debited to profit and loss appropriation account d. The amount of RO 3600 credited to profit and loss appropriation account Flag