The MFP Partnership is to be liquidated when the ledger shows the following: Cash $50,000 Noncash Assets 200,000 Liabilities 50,000 Mossimo, Capital 75,000 Fandango, Capital 100,000 Plank, Capital 25,000 Mossimo, Fandango, and Plank’s income ratios are 6:3:1, respectively. Prepare separate entries to record the liquidation of the partnership assuming that the noncash assets are sold for $140,000 in cash.

The MFP Partnership is to be liquidated when the ledger shows the following: Cash $50,000 Noncash Assets 200,000 Liabilities 50,000 Mossimo, Capital 75,000 Fandango, Capital 100,000 Plank, Capital...

The MFP Partnership is to be liquidated when the ledger shows the following:

Cash		$50,000
Noncash Assets		200,000
Liabilities		50,000
Mossimo, Capital		75,000
Fandango, Capital		100,000
Plank, Capital		25,000

Mossimo, Fandango, and Plank’s income ratios are 6:3:1, respectively.

Prepare separate entries to record the liquidation of the partnership assuming that the noncash assets are sold for $140,000 in cash.

Jun 11, 2022

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The MFP Partnership is to be liquidated when the ledger shows the following: Cash $50,000 Noncash Assets 200,000 Liabilities 50,000 Mossimo, Capital 75,000 Fandango, Capital 100,000 Plank, Capital...

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