Question 1 Not yet answered Marked out of 10.0 1. A & B started a partnership business on 1.1.2019. Their capital contribution is as follows; A - OMR 50,000 B - OMR 25,000 On 01.06,2019 Partner A has withdrawn an amount of OMR 5,000.Partnership deed allows 6% interest on capital and 8% interest on drawings. B is allowed a salary of OMR 400 per month. The net profit as per profit and loss account for the year ended 31st December 2019 is OMR 20,000. Partners share profits and losses in the ratio of 3:2 Calculate the profit or loss to be credited or debited in partner's capital account 5 Marks 2. Ali and Suhail commenced business as partners on January 1, 2018. Ali and Suhail contributed OMR 40,000, OMR 25,000 as their share of capital. The partners decided to share their profits in the ratio of 2:1. Ali was entitled to a salary of OMR. 6,000 p.a. Interest on capital was to be provided @ 6% p.a.and interest on drawings@9% Ali and Suhail have withdrawn on 01.01.2018 an amount of OMR. 4,000 and OMR 8,000, respectively. The profits of the firm after providing Ali's salary and interest on capital were OMR 18,000. The firm maintain capital under fixed system Required: Identify the current account balance of Mr Ali 5 Marks