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Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. Each of them contributed a number of items to the partnership, which are listed below. All tangible assets are listed at their market value. Amy Cash Razul Cash $48,100 Equipment 197,900 Bank Loan 86,000 Furniture Accounts Payable $65,200 79,800 42,000 On March 1, Razul and Amy added a new partner to the business, Sheila. Sheila will contribute $95,000 and receive a 28% share of the business. Use the capital balances from January 1 to determine any bonuses. Assume the existing partners will split any bonus evenly. During the year, Razul and Amy withdrew $23,800 and $19,100 respectively and the business reported a net income of $465,000. Their partnership agreement provided for sharing of net income (loss) on the following basis: 1. Salary of $68,500 is allocated to Razul, $53,000 to Amy, and $21,600 to Sheila. 2. Interest is allocated at 8% of each partner's opening capital balance. 3. Remainder is shared where Razul gets 37%, Amy gets 29%, and Sheila gets 34%. 55,000 4 g) After divding the income for the year, all parties agreed to liquidate the partnership. The values of the assets and 5 liabilities are shown below. The furniture is sold for $77,750 and all other assets are sold at their given values. Any gains 6 or losses from liquidation are split evenly among all partners. 7 8 Cash $542,870 9 Accounts Receivable 0 Net Equipment 257,270 1 Net Furniture 95,760 2 Accounts Payable 50,400 3 Bank Loan 120,400 4 5 Prepare the journal entries to sell the assets, distribute any gains or losses to the partners, pay the liabilities and 6 distribute the cash to the partners. 7 8 Date Account Title and Explanation Debit Credit 9 0 16 Marks 0 1 2 3 4 5 6 7 8 9