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Question completion Status: QUESTION 8 A partnership has the following balance sheet prior to liquidation: Assets Liabilities and Equity Cash AED 42,000 A/P AED 45,000 A/R 15,000 Faisal's Capital 11,000 Land 60,000 Naser's Capital 18,000 Majid's Capital 43,000 Total Assets 117,000 Total liabilities and equity 117,000 During liquidation, the following transactions occurred: 1- 1-The company collected AED 5,000 of the accounts receivable only. 2- 2-The company sold the land for AED 20,000 cash 3- 3-The liquidation expenses were AED 18,000 4- 4-The profit and losses ratio is: 1:1:2 respectively. 5- 5-The company paid all the liabilities. Instructions: 1- Record the entries related to the collection of A/R and sale of the land: (20 marks) Date Explanation Dr. Cr. Completion Status: 2- Record the entries related to the payments of the liabilities (4 marks) Date Explanation De G 3- Record the entries related to the payments of the liquidation expenses (4 marks) Date Explanation DE . 4. Record the entries related to finish the liquidation of the partnership, assuming that any partner who has a deficit balance, will be able to pay cash. (12 marks) Dr. CH Date Explanation unit to save and submit. Click Save All Ansters to see all dress