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Q1. Ms. Khawla and Ms. Rahma are two individuals who have pursued their degree in IT from Higher college of Technology. Both the individuals got job in an IT firm which was based in Muscat. As students they were exposed to a course called as Entrepreneurship and were very fascinated about business. After working for many years, both these individuals set up their own business in Muscat. Both were in the business of providing software solutions to people. Both these individuals who had started their own business respectively but were unable to make it grow as they had expected. They felt stagnated. As HCT alumni, they knew each other and decided to convert their individual business into a partnership firm. Both the individuals wanted to contribute as well as work for the new business and hence agree to share profits and losses equally. With Mutual agreements, Ms Khawla agreed to contribute OMR15,000 in Cash as capital of the new firm. Moreover, she also agreed to allow her shop to be used in the new venture, value being OMR 25,000 to the business. On the other hand, Ms. Rahma agreed to contribute OMR 25,000 in cash as the capital of the new firm. Rahma also contributed 10 computers, each valued at RO 800. Furniture worth OMR 18,000 was brought in by Rahma, while Khawla brought in Accounts receivable worth OMR40,000. Rahma needs to pay to her suppliers worth OMR 11,000, which will now be the liability of the newly formed venture. You have been approached by the above two individuals to assist in converting their individual businesses into a partnership venture. You are required to explain in detail A) Which type of partnership that can be formed. (2.5 Marks) B) Recording of items and drawing up capital accounts and the balance sheet of the firm. (2.5 Marks)