P13.5 Allocating profits and losses to the partners, accounting for the withdrawal of a partnec, accounting for the liquidation of a partnership and preparing partnership financial statements [15-25 min] LOT is a partnership owned by Mageie Leen, Susan Gaterlitz and Tara Iripg. The partness" profit-and-loss-sharing agreement is 1:3:4, respectively. The adjusted trial balance of the partnership at 30 November 2015 follows: Requirements 1 Prepare an income statement, statement of changes in owners' equity and balance sheet for the month ended 30 November 2015. Use a separate column for each partner in the statement of changes in owners' equity. 2 Prepare the closing entries for the month ended 30 November 2015. Weef 4 3 Tara Tripp decides to withdraw from the partnership on 1 December 2015. She agrees to accept all of the Inventory and all of the Cash in exchange for her equity interest in the partnership. 4 Immediately after Tara Tripp's withdrawal, Maggie Leen and Susan Osterlitz decide to liquidate the partnership. They sell the building for 5108000 . Then they pay the liabilities and distribute the cash to complete the liquidation. Journalise these liquidation entries. for the month ended so MoV. 20