please answer question 1 and question 2 .. as soon as possible...

Assignment Question (Allotted Marks: 15) Question 1: a) Differentiate between Partnership and Corporation. (Write any 4) b) Explain about the importance of preparing financial statements in the business. c) Write any four differences between Accrual basis and Cash basis and mention few examples also. Question 2: Ibri Corporation provided the following transactions during the month of January 2019. January 1- Business invested the cash of OMR 78,000 January 5- It purchased a Machinery at a cost of OMR 28,500 and paid cash. January 9- Business paid advertisement expenses of OMR 2,500 January 11- Business received sales revenues of OMR 84,900. January 13- Business sold goods on credit to customer of OMR 8,400. January 19- The owner took cash form the business for personal use of OMR 7,500 January 22- Business purchased an equipment of OMR 5,600 on account. January 26- Business paid Salaries of OMR 10,500 by cash. January 28- Business took a loan from Bank Dhofar of OMR 24,000. January 31- The business purchased material of OMR 3,400 and paid cash. Assignment Question (Allotted Marks: 15) Question 1: a) Differentiate between Partnership and Corporation. (Write any 4) b) Explain about the importance of preparing financial statements in the business. c) Write any four differences between Accrual basis and Cash basis and mention few examples also. Question 2: Ibri Corporation provided the following transactions during the month of January 2019. January 1- Business invested the cash of OMR 78,000 January 5- It purchased a Machinery at a cost of OMR 28,500 and paid cash. January 9- Business paid advertisement expenses of OMR 2,500 January 11- Business received sales revenues of OMR 84,900. January 13- Business sold goods on credit to customer of OMR 8,400. January 19- The owner took cash form the business for personal use of OMR 7,500 January 22- Business purchased an equipment of OMR 5,600 on account. January 26- Business paid Salaries of OMR 10,500 by cash. January 28- Business took a loan from Bank Dhofar of OMR 24,000. January 31- The business purchased material of OMR 3,400 and paid cash