09. OHM Motor LLC is running a partnership business last 20 years. OHM good reputation in sultanate of Oman. OHM dealing auto parts, mobile oil and auto repair and maintenance. Last few years overall economic growth and oil prices continue decreasing and due to that reason firm continue running losses. A long discussion the partners decided to dissolve the firm. The partners are Anas, Owais Hassan, and Muneeb sharing profit 4/10th ,3/10th,2/10th and 1/10th The closing balances of assets, liabilities and capitals as on 31* December,2019 was given below Name of Accounts OMR Name of Accounts OMR Cash at Bank 297,838 Sundry Creditors 276,404 Accounts Receivable 1,060,004 Loan 767,140 Inventory 563,782 Anas Capital 4,248,891 Furniture 1,590,262 Owais Capital 1,818,797 Machinery 2,860,356 Hassan Capital 2,898,000 Building 1,927,472 Muneeb Capital 3,773,438 Workshop Equipment 1,585,146 Profit & Loss A/C 510,169 Land 6,037,500 General Reserve A/C 1,144,106 Notes Payable 485,415 They decided to dissolve the firms. The following term amounts were realized: Furniture and Machinery are realized 15% less of total cost, Accounts Receivable realized OMR950,000, Inventory were sold OMR425,000, Sundry Creditors paid at 5% discounts Land to be appreciated by 15%, Note payable and Loan were paid full amount. Muneeb are agreeing to take Building and Workshop equipment OMR. 1,800,000 and OMR 1,350,000, respectively. You are required a. To pass necessary Journal entries (2 Marks) b. To prepare Realization Account, Bank Accounts and Partner's Capital Account