Question No: 02 Al Zabai and Gadi formed a partnership on food supply chain in the MENA region with initial investment of $980,000 on equal basis. The partnership was formed on March 15, 2016. By the end of 2016, the partnership created 460,000 as short-term liabilities. The total assets by the end of 2016 was classified into 20% fixed assets and 80% current assets. The derived profit by the end of December 2016 was around $85,000. To meet expansion in food supply chain in the MENA region, Mr. Zafar joined the partnership with $350,000 share in new partnership. Mr. Zafar joined the partnership in January 2017 and left the partnership by the end of December 2017. In 2017, the liabilities soared to $760,000. Zero profit was the end result of its operation in 2017. In January 2018, Mr. Ahmed joined the partnership by injecting $600,000 after the partnership honored its obligations of 2016 and 2017. Mr. Ahmed brought success to the partnership by creating $350,000 net income in 2018. Liabilities in 2018 = 500,000. Required: 1. As a specialist, develop the financial reports of the concerned partnership throughout its economic life (March 2016 - 31 December 2018). 2. What type of advice and records will you adopt if the partnership opts for liquidation by the end of December 2018