2. The partnership of Donald, Healey & Jaguar has experienced operating have shared profits and losses in the ratio of Donald, 10% Healey, 30%; and Jagunt, 60% liquidating the business. They ask you to analyze the effects of liquidation and present the following partnership balance sheet at December 31, end of the current year: $ cash 27.000 abilities Non cash asset 202,000 Donald, capital Healey, capital Jagua, capital Total assets 229.000 Total abilities and capital 131,000 23.000 39.000 38,000 229.000 . . Requirements a Prepare a summary of liquidation transactions. The noncash assets are sold for S192,000 (25p) b. Journalize the liquidation transactions (15) 3. On April 01, 2020 a limited company was incorporated with an authorised capital of $ 40,000 divided into shares of $ 10 cach. It offered to the public for subscription of 3.000 shares payable as follows: On Application $3 per share On Allotment S2 t share On First Call (One month after allotment) S 2 50 per share On Second and Final Call S 2.50 per share The shares were fully subscribed for by the public and application money duly received on April 15. 2020. The directors made the allotment on May 1, 2020. Requirement Pass journal entries to record this transaction (20p) . 2