+++ Q2/ A, B & C partners in a partnership, profits and losses distributed by the rate (5:3:2) respectively. On 31/12/2018 partners decided to liquidate the partnership, the balance sheet at liquidation date as follow: Bank 220 000 000 Capital: 500 000 000 Cash 150 000 000 Partner A 250 000 000 Property 160 000 000 Partner B 150 000 000 Equipment 20 000 000 Partner C 100 000 000 Furniture 30 000 000 Capital reserve 100 000 000 Cars 55 000 000 Retained earnings 50 000 000 Account receivables 60 000 000 Account puyable 80 000 000 Notes receivables 30 000 000 Notes payables 20 000 000 Accumulated losses 25 000 000 750 000 000 750 000 000 Liquidation procedure follow: 1. Equipment, property, cars & furniture sold by 15 000 000, 150 000 000, 55 000 000, 20 000 000 IQD respectively. 2. 80 000 000 IQD collected from current assets. 3. 30% of creditors disclaimed them debts. 4. Partnership paid an employees' compensation amounted 90 000 000 IQD. 5. Partnership paid liquidation fees 50 000 000 IQD. 10