Question 2: Total 10 marks (2 marks for a, 6 marks for b and 2 marks for c ) The adjusted trial balance of the Ahmad and Mohamed Partnership for the year ended December 31, 2018, appears below: Ahmad and Mohamed PARTNERSHIP Adjusted Trial Balance For the Year Ended December 31, 2018 Debit Credit Account's receivables .......... 29,000 Equipment's ..... 130,000 Notes payable ....... 17,000 Bonds payable ....... 50,000 Ahmed, Capital ...... 20,000 Ahmed, Drawing ........ 4,000 Mohamed, Capital...... 18,000 Mohamed, Drawing . 7,000 Sales ....... 150,000 Cost of Goods Sold. 62.000 Selling Expenses ...... 13,000 Administrative expenses ........... 10,000 255.000 255.000 The partnership agreement stipulates that a division of partnership net income or net loss is to be made as follows: 1. A salary allowance of $45,000 to Ahmed and $25,000 to Mohamed. 2. The remainder is to be divided equally. Instructions: (a) List briefly 5 (five) advantages of Partnership formation with regards to the corporation form of firms. (2 marks) (b) Prepare a schedule which shows the division of net income to each partner. (6 marks) (c) Prepare all closing entries at December 31, 2018. (2 marks)