5. The partners of ABC Partnership wish to convert the partnership into a limited liability company. On 1 January 2019, ABC Sdn Bhd was incorporated with authorised capital of 600,000 ordinary shares of RM 1 each to purchase all the assets, (except bank), and liabilities of ABC Partnership on 1 January 2019. ABC Sdn Bhd was to discharge the purchase price by issuing 400,000 ordinary shares. The following is the Statement of Financial Position of ABC Partnership as at 1 January 2019: Land and building Plant and machinery Inventories Trade receivables Bank Capital: Mr. Salman Mrs. Salina Trade payables RM RM 200,000 100,000 30,000 40,000 4,000 374,000 200,000 150,000 350,000 24,000 374,000 It was agreed that the following values are adopted for the assets taken over: Land and building Plant and machinery Inventories Trade receivables RM 220,000 110,000 25,000 30,000 The partners share profits and losses equally. Mr. Salman agreed to accept any cash remaining at bank as part settlement of the amount due to him on liquidation of the firm. You are required to close the books of ABC Partnership. (10) (Total: 10)