The junior accountant of the firm has prepared the following trial balance as on 31"December 2019 after incorporating gross profit and balance sheet as on 31"December 2019. He has missed a few ledger account balances in preparing the trial balance but included those accounts in the balance sheet Trial Balance for the year ended 31"December 2019. Particulars Debit (OMR) Credit (OMR) Provision for depreciation Building 5000 Cash 7000 Drawings - Ajims 2000 Arif 1000 Building 20.000 Tools 8.000 Bank Loan 6000 Interest received 000 Debtors and Credits OD Current count - Ajim 2000 Aril WO Gross profit Commissipaid 6000 Capital Aims 15.000 Arir 9,000 Total 52.000 50.000 100 Balance Sheet As on December 31" 2019. Liabilities Credits AmountAssets Amount 5000 Tools 4000 Debtors 10,000 Building 13 000 24,000 Cash Capital - Ajans 15.000 Arif - 9000 Current Account Ajims Arif Salary Outstanding 1000 37000 37000 The partnership agreement provides for the following information: a) Interest on drawings is charged at 6% per annum. b) Interest on capital is allowed at 10% per annum. You are required to: a prepare the partnership profit and loss account for the year ended 31" December 2019. b. prepare the partnership appropriation account for the year ended 31" December 2019. c. prepare each partner current account at 31" December 2019 d. State whether the claim is valid if the partnership agreement is silent in the following matters. Ajims is an active partner so he wants OMR 10,000 per in If Arif advanced a loan to the firm, can he claim interest at 10% per annum? 1) annum The junior accountant of the firm has prepared the following trial balance as on 31"December 2019 after incorporating gross profit and balance sheet as on 31"December 2019. He has missed a few ledger account balances in preparing the trial balance but included those accounts in the balance sheet Trial Balance for the year ended 31"December 2019. Particulars Debit (OMR) Credit (OMR) Provision for depreciation Building 5000 Cash 7000 Drawings - Ajims 2000 Arif 1000 Building 20.000 Tools 8.000 Bank Loan 6000 Interest received 000 Debtors and Credits OD Current count - Ajim 2000 Aril WO Gross profit Commissipaid 6000 Capital Aims 15.000 Arir 9,000 Total 52.000 50.000 100 Balance Sheet As on December 31" 2019. Liabilities Credits AmountAssets Amount 5000 Tools 4000 Debtors 10,000 Building 13 000 24,000 Cash Capital - Ajans 15.000 Arif - 9000 Current Account Ajims Arif Salary Outstanding 1000 37000 37000 The partnership agreement provides for the following information: a) Interest on drawings is charged at 6% per annum. b) Interest on capital is allowed at 10% per annum. You are required to: a prepare the partnership profit and loss account for the year ended 31" December 2019. b. prepare the partnership appropriation account for the year ended 31" December 2019. c. prepare each partner current account at 31" December 2019 d. State whether the claim is valid if the partnership agreement is silent in the following matters. Ajims is an active partner so he wants OMR 10,000 per in If Arif advanced a loan to the firm, can he claim interest at 10% per annum? 1) annum
