Question Two Ali and Ranjeet are partners in the Punjabi Deli. The firm has provided the following data as at December 31, 2018 DETAILS DR CR Bank 89,950 Cash 40,300 Land and Building 550,000 Provision for Depreciation on Building 45,000 Machinery and Equipment 132,000 Provision for Depreciation on Machinery & Equipment 13,200 Capital Ali 300,000 Capital Ranjeet 100,000 Current Account Ali 10,000 Current Accounts Ranjeet 80,000 Drawings Ali 30,000 Drawings Ranjeet 20,000 Sales 640,000 Wages and Salaries 60,000 Telephone 8,000 Discount Received 12,000 Loan Interest 12,000 Creditors 60,000 Return Inwards 13,000 Rent Received 24,000 Purchases 352,250 Debtors 64,000 Provision for Bad Debts 3,900 10% Loan 300,000 Commission Received 50,000 Opening Stock 34.600 Insurance 27,000 Office Expenses 25,000 1,548,10 1,548,100