Question 3 [CLO 21 (3 marks) The following is the Trial Balance of VFV Company as of 31 December 2018. Particulars Dr Amount Cr Amount $2, 100,000 Capital Opening stock Direct expenses Salaries Purchases Rent and rates $100,000 $120,000 $180,000 $450,000 $15,000 Sales Interest received Discount received Drawings Advertisement Cash in hand Cash at bank Sundry debtors Buildings Accounts payable Equipment $450,000 $27,000 $24,000 $96,000 $54,000 $150,000 $420,000 $330,000 $480,000 $36,000 $252,000 85,000 Bank loan Pre-paid expenses Copy rights 30,000 45,000 $2,722,000 $2,722,000 - The stock on 31 December 2018 is $1,802, 100 You are required to prepare the Trading and Profit and Loss Account for the year ended 31 December 2018 and the Balance Sheet as on that date for VFV Company. Question 4 [CLO 3] (4 marks) On 1 January 2018, BUR and OMR entered into a partnership contributing $3,600,000 and $1,800,000 respectively and sharing profits in the ratio of 2:1. OMR is allowed a salary of $315,000 per year. Interest on capital is allowed at 10% per annum. BUR is entitled to receive a commission of $210,000, During the year, OMR withdrew $360,000 and BUR $156,000; interest on the same being 12% per annum. Profit in 2018 before the above mentioned adjustments was $1,500,000. You are required to prepare the Profit and Loss Appropriation Account and the partners' Capital Accounts of BUR and OMR