-Extracts for preparing/producing financial statements of Partnership firm:

Adjustments:

1. Closing stock is valued at OMR 12,000

2. Salaries of the Partner:

(a) Adam: OMR 20,000

(b) Basheer: OMR 15,000

3. Profit should be shared equally between the partners

4. Interest allowed on capital is 6% per annum

5. The current account opening balance as on 1-1-2021 was:

(a) Adam: OMR 150,000 less drawings of OMR 25,000

(b) Basheer: OMR 100,000 less drawings of OMR 25,000

Transcribed Image Text:

Solar energy equipment partnership firm Trial Balance for the year ending 31 December 2021 Dr OMR Capital - Adam Capital - Basheer Stock Machinery (cost) Machinery (depreciation provision) Purchases Administration expenses Land Sales General expenses Rent Debtors Creditors Commission received Commission paid Furniture (cost) Furniture (depreciation provision) Cash Current account - Adam Current account - Basheer Total 15,000 125,000 100,000 50,000 300,000 42,000 55,000 110,000 6,500 145,000 36,500 985,000 Cr OMR 150,000 100,000 25,000 400,000 60,000 5,000 45,000 125,000 75,000 985,000 Solar energy equipment partnership firm Trial Balance for the year ending 31 December 2021 Dr OMR Capital - Adam Capital - Basheer Stock Machinery (cost) Machinery (depreciation provision) Purchases Administration expenses Land Sales General expenses Rent Debtors Creditors Commission received Commission paid Furniture (cost) Furniture (depreciation provision) Cash Current account - Adam Current account - Basheer Total 15,000 125,000 100,000 50,000 300,000 42,000 55,000 110,000 6,500 145,000 36,500 985,000 Cr OMR 150,000 100,000 25,000 400,000 60,000 5,000 45,000 125,000 75,000 985,000

Answer rating: 100% (QA)

Partnership A formal agreement between t... View the full answer