Question: Exercise 185 The MFP Partnership is to be liquidated when the ledger shows the following: Cash$50,000Noncash Assets200,000Liabilities50,000Mossimo, Capital75,000Fandango, Capital100,000Plank, Capital25,000 Mossimo, Fandango, and Plank's income

Exercise 185

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

Cash$50,000Noncash Assets200,000Liabilities50,000Mossimo, Capital75,000Fandango, Capital100,000Plank, 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.

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