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PARTNERSHIP FINAL ACCOUNTS 2. From the following Trial balance of Mr. Nihal and Mr. Mahdi, you are required to prepare Trading and profit & loss account for the year ended 31" March, 2019 and Balance sheet as on that date. (10 Marks) Note: Replace 136'in the place of Opening stock & Sales of the partners Nihal & Mahdi with the last 3 digits of your ID Number 2,700 Trial Balance as on 31" March 2019 Debit balance Amount(OMR) Credit balance Amount (OMR) Stockson (1743018) 23. Sundry Creditors 35.000 Building 48.500 Sales Carriage 1.780 Capital Nihal Factory Insurance Mahdi Postage 1.600 Outstanding Salurics 2.000 Bills Receivable 13.700 Bills Payable 18.000 Sundry Debtors 52.200 Return Outward 1.800 Retum Inward 1.000 Current Alc: Nihal 3.000 Purchases 68.900 Mahdi 2.000 Audit fees 1.800 Loose tools Manufacturing Expenses 1.820 Electricity Charges 2.600 General Expenses Export duty Cash in hand 75.000 Bank Balance 29,000 Conveyance 4.100 Furniture Salaries 2.000 Rent, Rates & Taxes 3,700 Drawings: Nihal Mahdi 2.200 439.800 339.00 Adjustments: 1. Nihal and Mahdi are sharing profits and losses in the ratio 3:1 2. Partners are entitled to get commission @1% each on gross profit. 3. The closing stock is valued at OMR 23,700 4. Outstanding expenses- Audit fees OMR 400: Carriage OMR 600 5. Building is valued at OMR 46,500 6. Furniture is depreciated by 5%. 7. Provide interest on partner's capital at 2.5% p.a. 8. Goods of OMR 900 were taken by Mahdi for his personal use. 9. Write off OMR 1,000 as Bad Debts and maintain reserve for doubtful debts at 3%on sundry debtors. Solution: Dr. In the books of Mr. Nihal & Mahdi CE Trading and Profit & Loss Account OR Income Statement For the year ended 31 March 2019 Particulars Amount(RO) Amount/RO) Particulars Amount(RO) AmountRO) Dr. Cr. Partner's Current Account Particulars Nihal Mahdi Particulars Nihal Mahdi Balance Sheet as on 31" March 2019 Liabilities Amount(RO) Amount(RO) Assets Amount(RO) Amount(RO)