Assignment must be a handwritten solved on A4 size white paper written with pen along with required working notes.Show answer steps in detailsQ1S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021.Particulars ParticularsCash at Bank 22,540 Capital Accounts S 81,200Purchase of Raw Material 1,050,000 K 47,600Discount (Dr) 47,600 P 44,800Rent and Insurance 32,340 Commission Received 16,800Factory Expenses 133,000 Sundry Creditors 88,200Office Expenses 8,400 Sales 1,820,000Sundry Debtors 44,800 -Furniture 22,400 -Telephone 2,100 -Opening stock of Raw Material 82,600 -Carriage inwards 336,000 -Salaries (Including sales manager salary) - -50,400 -Repairs to Buildings 2,800 -Bad debts 11,200 -Carriage Outwards 12,600 -Vehicle 18,200 -Drawings S 33,600 -K 30,800 -P 29,400 -Vehicle running expenses 15,400 -Travelling expenses 19,600 -Advertising Expenses 25,620 -Plant and Machinery 67,200 -2,098,600 2,098,600Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. 16,800Additional InformationPartner S's salary 28,000Partner K's salary 22,400Partner P's salary 19,600Closing stock was valued at 117,880Outstanding Office expenses 2,520Outstanding Telephone expenses 700Depreciation on Vehicle 20%Depreciation on Plant and Machinery 12.50%Depreciation on Furniture 10.00%Baddebts 2.50%Interest on capital 5.00%You are required to prepare Final Accounts of the Partnership Firm.Q2The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2Liabilities Amount (RO) Assets Amount (RO)Creditors 40,000 Cash at Bank 30,000Bills Payable 16,000 Stock 50,000General Reserves 20,000 Debtors 60,000Capital Accounts A 80,000 Furniture 16,000B 70,000 Land and Buildings 120,000C 50,000276,000 276,000They Admit D into Partnership giving him 1/5th share of profits on the following terms:D brings in his capital 50,000Provision is be made for outstanding expenses 42,000Goodwill already appears in the books 40,000Furniture is to be written down by 12.50%Stock is to be depreciated by 7.50%Land and Buildings is to be appreciated by 15.0%Write the Necessary Journal Entries. Prepare Revaluation Account, Capital Accounts and Balance sheet of the firm as newly constituted.Q3X, Y and Z were partners sharing profits in the proportion of 3:2:1. Y Retires from the business. The Balance sheet of the firm on the date of retirement was as followsLiabilities Amount (RO) Assets Amount (RO)Creditors 100,000 Cash at Bank 25,000Bills Payable 50,000 Stock 75,000General Reserve 75,000 Debtors LESS Provision RO 2500 -Capital Accounts X 200,000 100,000Y 150,000 Vehicle 125,000Z 100,000 Machinery 350,000

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- -675,000 675,000It was agreed among the partnersGoodwill of the firm to be valued at 120,000Provision for Doubtful debts to be increased by 5,000Outstanding expenses to be brought into account 9,500Vehicle is to be depreciated by 17.5%Stock is to be depreciated by 12.5%Machinery is to be appreciated by 7.5%Record the necessary Journal Entries and Prepare the necessary accounts and New Balance sheet of X and Z.Requirements: No required length | .doc file
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