Ch$.12$ Graded Homework $(15\backslash \%)$

Alosra trading is a training institute operated by three colleges. Information below is the balance sheet as of Jan $1,2023.$ During the year, the institute has gone through many partnership stages, please record the required journal entries.

Required:

$1.$ If on March $1,$ Nada decided to sell half her share to Elham for $90,000,$ record the necessary journal entry and update the balance sheet.

$2.$ During the year, the company has generated a net loss of $60,000.$ The partners share income and loss based on their initial capital balance in the following ratio $-4$:$2$:$1$:$3.$ Distribute the loss among partners, record the journal entry and update the balance sheet.

$3.$ Liquidate the partnership when you know that Supplies were sold for $1000,$ Inventory for $67,000,$ Machine for $60,000$ and Vehicle for $3000.$ In liquidating, record all the necessary journal entry for all steps undertaken during a partnership liquidation.

$4.$ Assume for the partner with deficit that:

$4\mathrm{.}1.$ Partner with deficit pay his deficit

$4\mathrm{.}2.$ Partner with deficits do not pay their deficits.

Show all the necessary journal entries to record all the steps showing your calculations.