Question No: 3 10 Marks a) Majid, Munir and Mazin are partners in a firm. They are sharing profits and losses in the ratio of 2:1:1 respectively. Munir retires from the firm on 1st July 2019. After his retirement, his capital account shows a credit balance of RO 94,000 after the necessary adjustments made. Required: Explain the following options of settlement to the retiring partner with the relevant journal entries: i. When the amount due is paid off immediately (2 Marks) ii. When the amount due is not paid immediately (2 Marks) iii. When 45% is paid at once and balance in future (2 Marks) b) Explain the following methods for calculating profit up to the date of death of a partner with your own examples: i. Time basis method (2 Marks) ii. Turnover or Sales basis method (2 Marks)