n 11 ed The pipes company at 31/12/2019 has cash $250,000, non-cash assets $750,000, liabilities $310,000, and the following capital balances: Samar $340,000 and Qamar $350,000. the Firm is liquidated, and $700,000 in cash is received for the non-cash assets, Samar & Qamar income ratios 65%and 35% respectively. The journal entry for payment of liabilities is: out of question O a. Debit Liabilities 310,000 and credit Cash 310,000 O b. Debit Cash 250,000 and credit Liabilities 250,000 Oc. Debit Liabilities 250,000 and credit Cash 250,000 O d. Debit Cash 310,000 and credit Liabilities 310,000