PART (A) The Jamison and Stephens partnership reports a net loss of $50,000 for the year. Partnership agreement stated that Jamison and Stephens to draw a salary allowance of $18,000 and $12,000, respectively. Any remaining income or loss is to be shared in the ratio of 60:40. Required: Show the amount of net loss to be allocated to each partner. (6 marks) PART (B) Fire totally destroyed Young's inventory in January. In order to claim fire insurance, Young needs to derive the amount of inventory loss in the fire. Young uses the perpetual inventory system in his business and hence, the retail inventory method of estimating inventory would be most appropriate. On the date of the fire, the accountant has updated the ledger with the following balances. Inventory balance carried forward from December at retail price (selling price) was $50,000 with a cost of $30,000. Total cost of purchases in January was $99,000 with a retail price of $150,000. Net sales for the month of January was $142,000. Required: Estimate the amount of inventory loss based on the retail inventory method. Show all computations to support your answer. (4 marks) PART (C) E-Z Productions established a petty cash fund of $650 on January 1. On January 28, the fund was replenished for the payments made to date as shown by the following petty cash vouchers: postage, $145; delivery expense, $79.20; and office supplies expense, $67.20. On February 1, E-Z increase its petty cash fund to $900. Required: Prepare journal entries in general journal form to record the replenishment of the petty cash fund on January 28. Explanation is not required. (2 marks) (Total: 12 Marks)