helpQuestion $1$

Baba, Fafa, and Sasi who share income and loss in a $2$:$2$:$1$ ratio, decide to liquidate their partnership. At the time of liquidation, their statement of financial position appears as follows.

Baba, Fafa and Sasi

Statement of Financial Position

$31$ January $2023$

$\backslash$table$[[$Assets$,$RM$,$Liabilities and Equity,RM$],[$Cash$,150,000,$Accounts Payable,$221,500],[,,,210,000],[$Equipment$,200,000,$Baba, Capital,$178,000],[$Land$,400,000,$Fafa, Capital,$140,500],[,,$Sasi, Capital,$],[$Total assets,,,RM$750,000]]$

Instruction:

Prepare journal entries for $($a$)$ the sale of land and equipment sold as a package for RM$500,000,($b$)$ the allocation of the gain or loss, $($c$)$ the payment of the liabilities, and $($d$)$ the distribution of cash to the individual partners.