Please help, don't understand

QUESTION 1 On 3 January 2017, Jess and Joan agreed to form a partnership in a Modelling Agency Service and agreed to use 31 December as the end of financial year. They agreed to share profits and losses based upon their capital balance after allowing for salaries per annum of $22,000 to Jess and $28,000 to Joan, and 5% interest per annum on capital. Jess invested $350,000 cash and Joan brought her business into the partnership as follows: Cash 15,000 Accounts Receivable 20,000 Office Supplies 8,000 Equipment 50,000 Accumulated Depreciation-Equipment (10,000) Building 500,000 Accumulated Depreciation-Building (150,000) Accounts Payable 20,000 Bank Loan 125,000 Based on estimation and existing market prices, Jess and Joan agreed to value the assets as follows: 1) Accounts Receivable $15,000 2) Office Supplies $6,000 3) Equipment $45,000 4) Building $514,000 Required (show all workings): a) Prepare the required journal entries to record the formation of the partnership, assuming 25 marks that the partners agreed to use the allowance method to manage the Accounts Receivable. b) Assume that at the end of 31 December 2018, the capital of Jess and Joan did not change and 50 marks the net income for the year was $310,000. Provide the journal entries to distribute the netQUESTION 2 Cangkir Ltd uses a periodic inventory method and provides the following information in relation to its inventory transactions during February 2019: February Beginning inventory 15 units @ $100 _-_ @5120 __ @5125 _- Return Purchased on 15 Feb @S125 _- (15 units) @szoo (sales price) __ @ $130 _- (22 units) @szoo (sales price) Required (Ignore GST and show all workings): 1. Assuming that there are no consignment goods and GST, calculate the Cost of Ending inventory at 28 February 2019 and the Cost of Sales (Cost of Goods Sold) for the month of February using the following methods. Weighted Average First In, First Cut (FIFO) Mark for the working 2. Prepare journal entries in general journal to record the above transaction using perpetual inventory and FIFO method. All the transactions were on account