Shan Automobile LLC is running a partnership business last 20 years. ASR good reputation in sultanate of Oman. ASR dealing auto parts, mobile oil and auto repair and maintenance. Last few years overall economic growth and oil prices continue decreasing and due to that reason firm continue running losses. A long discussion the partners decided to dissolve the firm. The partners are Arshad, Iqbal, Shahid, and Romi sharing profit and losses in the ratio of 6:4:4:6. The closing balances of assets, liabilities and capitals as on 31st December,2019 was given below. Name of Accounts Bank Accounts Receivable Inventory Furniture Plant Building Machinery Land Notes Payable OMR Name of Accounts 236,790 Sundry Creditors 842,736 Unpaid Utility Bills 448,224 Arshad 1,264,308 Iqbal Capital 2,274,072 Shahid Capital 1,532,400 Romi Capital 1,260,240 Profit & Loss A/C 4,800,000 General Reserve A/C 385,920 OMR 219,750 609,900 3,378,000 1,446,000 2,304,000 3,000,000 405,600 909,600 They decided to dissolve the firms. The following term amounts were realized: Plant, Furniture and Machinery are realized 17% less of total cost, Accounts Receivable realized a. OMR 650,000, Inventory were sold OMR325,000, Sundry Creditors paid at 8% discounts, Land to be appreciated by 18%., Furniture are realized OMR.900,000 Note payable were paid 90% of value and Unpaid Utility Bills were paid full amount b. Romi are agreeing to take Building and Machinery OMR1,400,000 and OMR 1,050,000, respectively. You are required a. To pass necessary Journal entries (2 Marks) b. To prepare Realization Account, Bank Accounts and Partner's Capital Account