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" .. Account Name Debit Balance Credit Balance 6,000 5,000 35,100 2,200 Capital Mr. Dawood Mr. Rawan Drawings Mr. Dawood Mr. Rawan Opening Stock Purchases and Sales Carriage inward Returns Stationery Wages Bills receivables and Bills payables Discount Salaries Rent and Taxes Insurance premium Postage Sundry expenses Commission Debtors and creditors Building Plant and machinery Investments Frniture and Fishira 2,200 3,000 1,200 12,500 45,000 32,000 900 400 12,000 18,000 2,400 300 1,100 3,200 40,000 95,000 1,20,000 80,000 1,00,000 26 non DO ( ^ W L " 35,100 2,200 2,200 3,000 1,200 12,500 45,000 32,000 400 Opening Stock Purchases and Sales Carriage inward Returns Stationery Wages Bills receivables and Bills payables Discount Salaries Rent and Taxes Insurance premium Postage Sundry expenses Commission Debtors and creditors Building Plant and machinery Investments Furniture and Fixture Bad Debts Bad debts provision Loan Legal Expenses Audit fee Cash in hand Cash at Bank 900 12,000 18,000 2,400 300 1,100 3,200 40,000 95,000 1,20,000 80,000 1,00,000 26,000 2,000 4,600 35,000 200 1,800 13,500 23,000 3 M 1 ED Mr. Dawood and Mr. Rawan were partners sharing profits and losses in the ratio of 2:1. The following balances were extracted from the books of account, for the year ended December 31, 2015. 1. Prepare final accounts for the year ended December 31,2016, with following adjustment: (3 marks) (a) Stock on December 31,2015 was OMR...... (b) A Provision is to be made for bad debts at % on debtors. (c) Rent outstanding was OMR (d) Wage's outstanding were OMR........ (e) Interest on capital to be allowed on capital @... ...... per annum and interest on drawings to be charged @.......per annum. (h) Mr. Dawood and Mr. Rawan are entitled to a Salary of OMR....... per annum. (g) Mr. Rawan is entitled to a commission OMR...... (2). Prepare Profit and loss appropriation account (2 Marks) (3) Prepare Capital accounts of partners (1 Marks) (4) Prepare Balance sheet of the partnership firm. (2 Marks) (B) You and your friend Mr. Mohammed started a partnership firm. You are planning to admit another friend Mr. Ahammed as new partner. If you are admitting your friend Mr. Ahammed as a new partner, how it will affect in your partnership firm? (List any 1 impacts in the existing business) (2 Marks) D M