Question 1: Arun and Beena are in a partnership firm for many years sharing profit in the ratio of 2:1. On 31 March 2023, the following Trial Balance was extracted from the books of partnership: The following notes are important to complete the computation: a) The closing inventory was valued at $500,000. b) The salary of $40,000 for March 2023 has not been paid. c) Allowance for Bad debts is to be increased to $16,000 d) Insurance paid includes $24,000 for the next year. e) Depreciation is to be charged at 15% for motor cars and 10% for the factory. f) The partnership agreement provides the following: 10% interest on capital. 10% interest on drawings. $50,000 per annum salary for both Arun and Beena. g) Regarding the loan provided by Arun, the interest is not mentioned in the agreement. You are required to prepare: (i) Income Statement for the year ended 31 March 2023 (ii) Profit and Loss Appropriation account for the year ended 31 March 2023. (iii) Capital and current account of Partners showing clearly all the relevant accounting entries. (iv) Statement of Financial Position (Balance Sheet) as of 31 March 2023. (10 Marks)