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Extracts for preparing financial statements of partnership firm:

Choco Partnership Firm

Trial Balance for the year ending $31$ December $2023$

DrCr

OMROMR

Capital $-$ Sharif $250000$

Capital $-$ Naim $125000$

Stock $150000$

Machinery $($cost$)30000$

Machinery $($depreciation provision$)10000$

Purchases $90000$

Administration expenses $60000$

Land $310000$

Sales $351381$

General expenses $45900$

Rent $63000$

Debtors $125000$

Creditors $($Accounts Payable$)62000$

Commission received $4319$

Commission paid $2300$

Furniture $($cost$)15000$

Furniture $($depreciation provision$)1500$ Furniture $($cost$)15000$

Furniture $($depreciation provision$)1500$

Cash $13000$

arrent account $-$ Sharif $60000$

Current account $-$ Naim $40000$

Total $904200904200$

Adjustments:

Closing stock is valued at OMR $125000$

Salaries of the Partner:

$($a$)$ Sharif: OMR $10000$

$($b$)$ Naim: OMR $10000$

Profit should be shared equally between the partners

Interest allowed on capital is $10\%$ per annum

The current account opening balance as on $1-1-2023$ was:

$($a$)$ Sharif: OMR $70000$ less drawings of OMR $10000$

$($b$)$ Naim: OMR $50000$ less drawings of OMR $10000$