(1.01 & L02) Question 1: The tasks are listed below: (Total 18 marks) Saif and Salim started partnership business in 2015 haring profit and losses in the ratio of 60% and 40% respectively. The following is the trial balance of the partnership firm, which has heen extracted as on 31 December 2020 THE De The following information is relevant: Closing inventory as em 31/12/2020 is valued at OMR3.000 Provision for bad dcbits is to be created %f Trade Receivables Insurance amount included payment for 2000 OMR 500 Salary outstanding (crual as on 31/12/2019 is OMER 2.000 Interest on loan given by Solim (partner) is not provided in the partnership agreement The following is provided in the partnership agreement Interest on drawings at 10% per annum Interest on Capital at 8% per annum Salary to Saif OMR 5000 and to Salim OMR 8.000 per anum You are required to prepare Income Statement for the year end 31/12/2020 IS Marks) Profit and Loss Appropriation Account Statement of division of facome) for the year end 31/12/2020. Marks) Partners' Capital Account in columnar form (2 Marks) Partners Current Accounts in columnar form, and Marks) A Statement of Financial Position (Balance Sheet) as at 31/12/2020 15 Marks) Note: you are required to perform all relevant accounting entries relating to Interest on Capital Account. Interest Dewi, Salary to partners with regards to preparation of partnership business Question 2: The tasks are listed below: (Total 8 marks) The summarized statement of financial position of Amal Inc. at a particular point of time is as follows, Statement of the Financial Position Particulars Amount in Omani Rial (OMR) Particulars Amount in Omani Rial (OMR) Net Assets Value (Various assets less 587,500 Liabilities) Equity Share Capital (200,000 shares of OMR I each) Share premium account Revaluation Reserve Retained Earnings Total Equity 250,000 75,000 92.500 170,000 587,500 Transaction Without any other transactions occurring at the same time, the company made a one for five rights share issue at OMR 3.75 per share payable in cash. All shareholders took up their rights. Immediately afterwards, the company made a one for two bonus issue. You are required to do the following things: Define Right Issue and Bonus Issue. How these issues are different from Public Issue. (Marks 2) Show the statement of financial position immediately following the bonus issue, assuming that the directors wanted to retain the maximum dividend payment potential for future. (Marks 3) - Salma has 250 equity shares of the aforesaid company before Right and Bonus issue. Now what will be total shareholding of Salma after bonus and right issues? What is the total value of Salma's share before and post right and bonus issue? (Marks 3) the
