Mr. Suhail and Mr. Said decided to start a partnership business. They drafted a partnership deed with the help of a consultant and started the business on 01.11.2020

Some of the key extracts of the partnership deed is given as follows:

Resolved that..

1. Each partner is to bring in OMR 15000 as capital
2. Each partner is to get 5% interest on capital
3. Mr. Suhail is entitled to get a salary of OMR 400 per month
4. Firm is entitled to charge 6% interest per annum on partners drawings.

Summary of transactions:

November: 2020

1. Capital contribution: Mr. Suhail OMR 15000;Mr. Said: OMR 15000
2. Purchase of goods- OMR 8000
3. Sales of goods- OMR 18000
4. Wages- OMR 200
5. Salary to employees- OMR 1200
6. Other administrative expenses- OMR 800
7. Rent of building- OMR 1000
8. Electricity charges- OMR 15
9. Water charges- OMR 5
10. Travelling expenses- OMR 50
11. Furniture purchase- OMR 1500
12. Electrical fittings- OMR 200
13. Drawings of partners-: Suhail OMR 200; Said ;OMR 150
14. Salary to Suhail- OMR 400

December 2020:

1. Salary to employees- OMR 1200
2. Rent of building- OMR 1000
3. Electricity charges- OMR 12
4. Water charges- OMR 4
5. Travelling expenses- OMR 20
6. Other administrative expenses- OMR 200
7. Salary to Mr Suhail-OMR 400
8. Purchase of goods- OMR 10000
9. Sales of goods OMR 18000

Closing stock at the end of the year is valued at OMR 20000

Required:

1. Trading, profit and loss account for the year ended 31^st December 2020
2. Profit and loss appropriation account for the year ended 31^st December 2020
3. Partners Capital account as per fluctuating method
4. Balance sheet of the firm as on 31.12.2020