please do q1 and 2

Question 2: Every business needs to show its progress and financial performance every year to go for different decisions to be taken for the continuation and development. For this, accounting standards and principles were developed to follow and show the performance as well as various purposes. It may be different from the beginning business like sole proprietorship to industry, specifically with partnership too. Overall, the significance of this is to prepare final accounts to know the profit or loss and the financial position of a business. It is a mandatory part of any business as you know. As mentioned above, the partnership firm also must prepare those with few changes of account, since the nature of business is different from others. So, with regard to the above points, as a partner in the partnership firm created in Question 1, along with the related information you are required to analyze your business transactions and evaluate the performance with the previous year profit. Draft the necessary items in the form of Journal entries, Profit and Loss Page 3 of 4 Appropriation account and Partners' Capital account as a part of final accounts of your respective partnership firm with your own information. Limit 300-600) E Answer All the Questions Question 1: The businesses are of different in nature and the capital as well as operations. As a part of entrepreneurial activity, the feasibility study must be done by the entrepreneur to see the favorable and non-favorable conditions of the business. The most influencing factors to start a business in the feasibility study are the capital and location. These factors will decide the type and nature of business as a whole. After doing a lot of analysis and study, assume that you are decided to start a business in a location called Muscat, based on the business idea what you have. As you know, the capital of Oman is flourishing in nature and so more capital is needed for you to start any kind of business. So, for that you had a discussion with one of your friends and agreed to start a partnership firm by sharing the capital and other responsibilities. As a main partner you should carry out the procedures, accounting principles as per the partnership terms and conditions. You are informed and instructed to discuss the important details relating to the firm as well the legal procedures to be followed in the form of following to your friend/partner: a) What are the important items of accounts necessary to start a partnership business? Write with your own information as figures. (3 Marks) b) Describe your friend about the different types of partnership. And write which type of partnership is your business and why? (4+1=5 Marks) C) Assume that you follow the fixed capital account, draw up the current account with your own relevant example of information. (2 Marks) Question 2: Every business needs to show its progress and financial performance every year to go for different decisions to be taken for the continuation and development. For this, accounting standards and principles were developed to follow and show the performance as well as various purposes. It may be different from the beginning business like sole proprietorship to industry, specifically with partnership too. Overall, the significance of this is to prepare final accounts to know the profit or loss and the financial position of a business. It is a mandatory part of any business as you know. As mentioned above, the partnership firm also must prepare those with few changes of account, since the nature of business is different from others. So, with regard to the above points, as a partner in the partnership firm created in Question 1, along with the related information you are required to analyze your business transactions and evaluate the performance with the previous year profit. Draft the necessary items in the form of Journal entries, Profit and Loss Page 3 of 4 Appropriation account and Partners' Capital account as a part of final accounts of your respective partnership firm with your own information. Limit 300-600) E Answer All the Questions Question 1: The businesses are of different in nature and the capital as well as operations. As a part of entrepreneurial activity, the feasibility study must be done by the entrepreneur to see the favorable and non-favorable conditions of the business. The most influencing factors to start a business in the feasibility study are the capital and location. These factors will decide the type and nature of business as a whole. After doing a lot of analysis and study, assume that you are decided to start a business in a location called Muscat, based on the business idea what you have. As you know, the capital of Oman is flourishing in nature and so more capital is needed for you to start any kind of business. So, for that you had a discussion with one of your friends and agreed to start a partnership firm by sharing the capital and other responsibilities. As a main partner you should carry out the procedures, accounting principles as per the partnership terms and conditions. You are informed and instructed to discuss the important details relating to the firm as well the legal procedures to be followed in the form of following to your friend/partner: a) What are the important items of accounts necessary to start a partnership business? Write with your own information as figures. (3 Marks) b) Describe your friend about the different types of partnership. And write which type of partnership is your business and why? (4+1=5 Marks) C) Assume that you follow the fixed capital account, draw up the current account with your own relevant example of information. (2 Marks)