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Task 1: Ali Abdullah and Said Abdullah were in partnership sharing profits equally selling and maintaining electronic computer chips in Oman with 6 branches. The following Trial Balance was extracted from their books as at 31.12.2020. After various adjustments such as depreciation had been made: Trial Balance as at 31 December 2020 Dr $ Cr $ 30,000 27,000 7,000 8,000 Capital Account (1 Jan 2020) Ali Said Drawings during the year Ali Said Current Account: Ali Said Motor Vans Inventory (1 Jan 2020) Accounts Receivables Accounts Payables Purchases Sales Sales Return Rates and insurances 200 125 6.900 6000 8,320 5,840 40000 100000 -0- 1,785 Salaries Bad Debts 12,057 184 55,995 18,000 12,475 10,000 Land Plant and Machinery bunk balance Bank Loan Interest on loan General Expenses Van Running expenses Loan from Ali 800 2,014 3,185 10,000 182,840 182,840 Additional Information: Inventory on 31 December 2020 amounted to $ 12000. -Discount received from Client 1: 3% of 10000, from client 2 of 5% of 15000 The allowance for Bad Debts was calculated as 5% from Accounting Receivable and to be increased to $ 500. -Partners are allowed 10% Interest on capital. -Partners are charged 5% Interest on Drawings. -Salary to All is $ 5,000 in December 2019. Interest on capital is agreed to be provided at 10% -Interest on loan from Ali is to be provided @ 10%. -Depreciation is to be provided for Plant and machinery at 20% and for Motor Van at 25% -Staff salary for December 2020 amounted to $ 750 has not been paid by the end of 31/12/2020. -Insurance includes $ 35 in respect of 2021. You are required to prepare You are required to prepare # Income Statement for the year end 31/12/2020 (5 Marks) b) Profit and Loss Appropriation Account (Statement of division of Income) for the year end 31/12/2020 (5 Marks) c) Partners' Capital Account in columnar form (5 Marks) d) Partners' Current Accounts in columnar form (5 Marks) Note: you are required to perform all relevant accounting entries relating to allowance for bad debt, discount, Interest on Capital Account, Interest on Drawings, Salary to partners with regards to preparation of partnership business