Q- (5 Marks: b1:2 c1:3): The partners in Al Hilal Company decide to liquidate the firm when the balance sheet shows the following. [5 Marks] AL HILAL COMPANY Balance Sheet May 31, 2021 Assets Cash BD55,000 Liabilities and Owners' Equity Notes payable BD27,000 Accounts receivable 50,000 Accounts payable 54,000 Allowance for doubtful accounts (2,000) Salaries and wages payable 8,000 Inventory 69,000 Ahmed, capital 66,000 Equipment 42,000 Accumulated depreciation-equipment (11,000) Ali, capital Khalil, capital 42,000 BD203,000 6,000 BD203,000 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. A total of BD102,000 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. Khalil paid his capital deficiency. 5. Cash was paid to the partners with credit balances. Required (a) Prepare the entries to record the transactions. (b) Post to the cash and capital accounts. (2 M) (2 M) (1 M) (1) Prepare the entry to allocate Khalil's debit balance to Ahmed and Ali. (c) Assume that Khalil is unable to pay the capital deficiency. (2) Prepare the entry to record the final distribution of cash.