Q.9 ABC Auto LLC is running a partnership business last 20 years. ASR good reputation in sultanate of Oman. ASR dealing auto parts, mobile oil and auto repair and maintenance. Last few years overall economic growth and oil prices continue decreasing and due to that reason firm continue running losses. A long discussion the partners decided to dissolve the firm. The partners are Asif, Ali, Shah, and Rehan sharing profit and losses in the ratio of 2:1:1:2. The closing balances of assets, liabilities and capitals as on 31st December,2019 was given below. Name of Accounts Bank Debtors Inventory stock Furniture Machinery Notes Payable Sundry Creditors Accrued Salary Land OMR Name of Accounts 259,924 Building 707,622 Profit & Loss A/C 459,548 Equipment 1,211,629 Asif capital 2,179,319 Ali Capital 369,840 Saha Capital 210,094 Rehan Capital 441,488 General Reserve A/c 3,600,000 OMR 1,468,550 58,300 1,207,730 3,237,250 1,385,750 2,208,000 2,875,000 308,600 a. They decided to dissolve the firms. The following term amounts were realized: Machinery and Furniture are realized 10% less of total cost, provision for doubtful debt is to be created on debtors at 5%,the value of inventory stock is reduced by 10%,Sundry Creditors paid at 7% discounts, Land to be appreciated by 20% and Bill payable and Accrued salary were paid full amount b. Rehan are agreeing to take Building and equipment OMR. 1,200,000 and OMR 950,000, respectively. You are required a. Pass necessary Journal entries with proper narrations. (2 Marks) b. To prepare Realization Account, Bank Accounts and Partner's Capital Account