PROBLEMS PARTNERSHIP FINAL ACCOUNTS 1. Ridhwan and Kareem's Trial Balance appeared as follows. Prepare Trading, profit & Loss, Capital accounts and Balance sheet for the year ended 31.12.2018. (10 Marks) Note: Replace in the place of Opening stock & Sales of the partners Ridhwan & Karcem. with the last des of your ID Number Debit balances Cash at Bank Drawings a/c Ridhwan 7,000 Kareem 1000 Machinery Opening stock Purchases Sales return Sundry Debtors Furniture Taxes Carriage outward Rent Printing & Stationery Trade expenses Postage & Telegram Discount Insurance Premium Salary & Wages Amount(OMR) Credit balances Amount (OMR) 7,600 Sundry Creditors 15,000 Sales 61,840 Capital Ridhiwan 70,000 8.000 Kareem 72.000 70,000 Reserve for bad & doubtful debts 1,500 50 840 Return Outward 6.100 40,000 Rent received 7,000 400 14.000 20 000 600 3.000 4,000 1.000 2,000 3.000 1.000 1.000 12.000 238,440 238.440 Adjustments: 1. They shared their Profits & Losses in equal sharing ratio. 2. Rent received for 9 months up to 30-9-2018 3. The closing stock is valued at OMR 44,000 4 Salary was outstanding for November and December months at OMR 120 & 170 5. Karcem is to be allowed at 6% commission Solution