Q1 7 POINTS X, Y and Z are three partners in partnerships, divided profit and loss 1:2:2 respectively, on 31/12/2018 they agrees to liquidate the partnerships on the same dates the Balance Sheet as follows Assets amount Liabilities &Capital amounts cash 10,000 Accounts payable 20,000 Non cash assets 45,000 X capital 11,000 Y capital 8,500 Z capital 15,500 total 55,000 total $5,000 Others information;- 1- All non-cash assets are sold cash for $30,000 2- Liquidation expenses are paid for cash $10,000 3- Y are insolvent partners 4- Z liabilities are paid cash Instructions: prepare the liquidation statements Q2 7 POINTS On 1/1/2018 Ahmad has his own business and his balance sheet as follows Liabilities & Amount Assets capital Inventory amount 2.400 AP 15.800 5.100 18,000 Notes payable Capital 44,750 (5.300) Equipment Accumulated deprecation 4,000 A/R (250) Allowance for doubtful debts 16,000 Lands 4,000 Furniture 52.250 52.250 On the same date agree with Majed to establish the partnership with total capital $100,000 divided equally between them Ahmed agree to transfer the following assets and liabilities and paid the balance cash Assets fair value Inventory 12,500 Equipment 12,000 Lands 22,000 A/R 3,500 A/P N/P 5,200 And agree majed paid his share in capital cash Required: 1- Prepare journal entries 2- prepare opening balance sheet 1,800 Q3 (6 POINTS) A) What is the approaches used when new partner enter the partnership by investing cash? please explain these approaches and discuss which approach is better? B) What is the difference between ordinary shares and preference shares