1. Priya and Shreya have always shared profit and losses in a 3:1ratio. They recently decide to liquidate their partnership. A summary of account balances prior to liquidation is:

	Cash	Equipment (net)	Accounts Payable	Priyas Capital	Shreyas Capital
Account balances as on Dec 31, 2020	91,200	314,400	50,400	244,800	110,400

Prepare the entries to record liquidation under each of unrelated assumptions:

1. Equipment is sold for 720,000.

b. Equipment is sold for 140,000.