Question No:1 10 Marks The following information relevant to adjustments in partnership final accounts for the financial year ended December 2019: i. Depreciation of a Pick-up Van for the year 2019. ii. Commission earned in November 2019 but not received. iii. Wages outstanding for December 2019. iv. Service Revenue received in December 2019 but not provided. Prepaid insurance premium for the month of January 2020. 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