Questions A partnership has the following balance sheet prior to liquidation: Cash AR Land Assets AED 48.000 10,000 96.000 Liabilities and Equity AP AED Hamad's Capital Zayed's Capital Rashid's Capital Total abilities and equity 36.000 46 000 14 000 40.000 160.000 Total Assets 160,000 During liquidation, the following transactions occurred: 1- The company collected AED 12,000 of the accounts receivable only. 2. The company sold the land for AED 50,000 cash 3. The liquidation expenses were AED 18,000 4. The profit and losses ratio is: 1:1:2 respectively 5. The company paid all the liabilities. Instructions: Record the entries related to the sale of the assets: (12 marks) 2. Record the entries related to the payments of the liabilities (2 marks) 3. Record the entries related to the payments of the liquidation expenses (4 marks) Calculate the balances of each partner's capital after the effect of the above transactions. Show your calculations (8 marks). Record the journal entry for the liquidation of the business. (4 marks) MacBook Pro 18:14 w Record the entries related to the payments of the liquidation expenses (4 marks) Calculate the balances of each partner's capital after the effect of the above transactions. Show your calculation marks) Record the journal entry for the liquidation of the business. (4 marks) Actition Debt Credit Dm For the toolbar, press ALTOFTO (PO) or ALTEFN+F10Mac Paragraph Aria 10pt a o SE25 MacBook Pro