Question No: 5 10 Marks The following information relevant to adjustments in partnership final accounts for the financial year ended December, 2019: i. Rent prepaid for the months of January 2020. ii. Service revenue received in advance. Commission was not received by the commission agent for December 2019. iv. Service revenue for the month of December 2019 not yet received. Provision for doubtful debts for the year 2019. Required: Suppose you are an accountant of a partnership business; the management is asking you to provide: a) Explanation about the above five concepts. b) Effects of treatment about the above five concepts in the Income Statement. c) Effects of treatment about the above five concepts whether increase or decrease asset side or liability side in the Statement of Financial Position. (5 concepts x 2 Marks = 10 Marks) V