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Prepare separate entries to record the liquidation

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

Cash$50,000

Noncash Assets200,000

Liabilities50,000

Mossimo, Capital75,000

Fandango, Capital100,000

Plank, Capital25,000

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.

Reference no: EM131660864

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