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QUESTION 2 (4 Marks) A, B and C were partners in a firm sharing profits...

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Accounting

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QUESTION 2 (4 Marks) A, B and C were partners in a firm sharing profits and losses according to their Capital On 14 April 2020 their Balance Sheet was as follows: Balance Sheet of A, B and C (as on 1 April 2020) OMR OMR Cash 28,000 Debtors 40,000 Less: Provision (2.000) 38,000 Stock 36,000 Machinery 100,000 Buildings 200.000 402.000 42,000 40,000 Creditors General Reserve Capitals A B 000 160,000 80.000 80,000 320.000 402.000 On the above date B retired and following was agreed: ) Buildings to be appreciated by __% () Provision for bad debts to be increased to _% on debtors (m) Machinery to be depreciated by (iv) Goodwill of the firm valued at OMR () _% of the amount payable to B was paid in Cash and balance was transferred to her Loan Account Required: (a) You are required to show all the ledger accounts necessary to record the revaluation (b) Draw up a balance sheet as at 1 April 2020 Question 3 (2 Marks) Briefly describe the rules and laws governing partnership business in the Sultanate of Oman

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