Question 4 (4 marks) Maram, Aseel and Rahma are partners in a Partnership. Income is shared equally. Below is the Balance Sheet of Partnership, who are carrying on partnership business. Company wishes to liquidate the firm on the date of the balance sheet. Their Balance Sheet as on that date is given below: Assets Liabilities and Partners' Equity 20000 Cash 26000 A/P 50000 A/R 80000 Inventory partners Equity 70000 Equipment 60000 Maram Capital (14000) Accumulated Depreciation- 60000 Aseel Capital Equipment 60000 Rahma Capital 206000 Total 206000 Total During the process of liquidation, the transactions below were completed in the following sequence. - A total of 30000 was received from account receivables. - Firm sells the inventory for 85000 - Firm sells the Furniture for 40000 - liquidation expenses for 2000 - Liabilities were paid in full. - Cash was paid to the partners with credit balances