With the events occuring (e g pandemic, enhanced community quarantine and their impacts), assume you are part of a general partnership, Latias Accounting Services, wherein partners share profits and losses equally You hold 500,000 capital, Mikel holds 200,000 capital, Rike holds 179,000 capital Your total liabilities amount to 550000, wherein 110000 is trades and other payables while 440000 is non current On the other hand, your current assets (cash amounts to 350000, Trade and other receivables amount to 400000, and prepaid expenses amount to 110,000) are equal to 860,00 and non current assets (PPE) are equivalent to 345000 Would it be advisable for a change in profit and loss sharing agreement Why Would it be advisable to hire additional partner s If yes, which partner classification would be most beneficial to the company and why If no, why not 3 Do you think one should retire withdraw a partner If yes, who and why If not, why 4 Would you suggest to liquidate the partnership Why 5 Other than those mentioned in items 1 to 4, what other course of action should the company to implement in order for the company to improve its net income or lessen its unfavorable results of operations Please provide justifications

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With the events occuring (e.g. pandemic, enhanced community quarantine and their impacts), assume you are part of a general partnership, Latias Accounting Services, wherein partners

With the events occuring (e.g. pandemic, enhanced community quarantine and their impacts), assume you are part of a general partnership, Latias Accounting Services, wherein partners share profits and losses equally. You hold 500,000 capital, Mikel holds 200,000 capital, Rike holds 179,000 capital. Your total liabilities amount to 550000, wherein 110000 is trades and other payables while 440000 is non current. On the other hand, your current assets (cash amounts to 350000, Trade and other receivables amount to 400000, and prepaid expenses amount to 110,000) are equal to 860,00 and non-current assets (PPE) are equivalent to 345000.

Would it be advisable for a change in profit and loss sharing agreement?Why?
Would it be advisable to hire additional partner/s?If yes, which partner classification would be most beneficial to the company and why?If no, why not?

3. Do you think one should retire/withdraw a partner?If yes, who and why?If not, why?

4. Would you suggest to liquidate the partnership?Why?

5. Other than those mentioned in items 1 to 4, what other course of action should the company to implement in order for the company to improve its net income or lessen its unfavorable results of operations?Please provide justifications