Hamza and Daniyal are in partnership. As per the partnership deed they share profits and losses equally. Partners are allowed Interest on capital at the rate of $3\%$ per annum. Interest on drawings is charged at the rate of $4\%$ per annum. The following balances were extracted from the books on $30$th April $2015$:Premises $($cost$)120,000$Capital accounts:Revenue $190,000$Delivery vehicles $($cost$)60,000$Hamza $50,000$Returns inwards $8,600$Office fixtures $($cost$)30\mathrm{.}000$Daniyal $30,000$Inventory at $1$ May $201415,600$Provisions for depreciationCurrent accounts at $1$ May $2014$: Advertising expenses $11,000$Premises $7,200$Hamza $3,250$Wages and Salaries $31,450$Delivery vehicles $20,000$Daniyal $1,850$Delivery vehicle expenses $14,900$Office Fixtures $22,000$Drawings:Heat and light $9,750$Trade payables $7,900$Hamza $6,000$Other operating expenses $12,000$Bank Overdraft $92,600$Daniyal $6,000$Trade Receivables $18\mathrm{.}750$Purchases $81,250$Provision for doubtful debts $500$IBAinstitute ofBusiness AdministrationKarachileadership and ideas for lomorrow&DANIYACLASS QUESTION $1-$FIRMAdditional informationThe following information was available at $30$ April $2015$:$(1)$ Inventory was valued at Rs$.13,650.(2)$ Heat and light Rs$.150$ was accrued.$(3)$ Depreciation is to be charged on all non$-$current assets owned at the end of the year as follows:Premises at the rate of $2\%$ on cost per annumDelivery vehicles at the rate of $20\%$ per annum using the diminishing $($reducing$)$ balance method$($iii$)$ Office Fixtures at the rate of $10\%$ per annum using the straight line method.$(4)$ Advertising expenses prepaid were Rs$\mathrm{.}800(5)$ The provision for doubtful debts is to be maintained at $4\%(6)$ A cheque payment of Rs$\mathrm{.}550$ made to a credit supplier on $15$ AInstitute ofhad not beeniondershio and Ideas for lomorrorecorded in the books.CLASS QUESTION $1-$ HAMZA & DANIYALFIRMRequired:$($a$)$ Prepare the Statement of comprehensive income of Hamza and Daniyal for the year ended $30$th April $2015($b$)$ Prepare the appropriation account of Hamza and Daniyal for the year ended$30$th April $2015.$

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a Statement of Comprehensive Income Particulars Amount Rs Sales Revenue XXXX Cost of Goods Sold XXXX ... View the full answer