3. when the ledger shows the following: Cash Noncash Assets Liabilities Mossimo, Capital Fandango, Capital Plank,...

 

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3. when the ledger shows the following: Cash Noncash Assets Liabilities Mossimo, Capital Fandango, Capital Plank, Capital Date On November 1, the MFP Partnership is to be liquidated Instructions Prepare the journal entries for the following transactions: a. Noncash assets are sold for $140,000 in cash. b. Gain/loss from (a) was distributed 60% Mossimo, 30% Fandango and 105 Plank. C. Liabilities were paid in full. d. Remaining cash was distributed to the partners. Account $ 50,000 200,000 50,000 75,000 100,000 25,000 Debit Credit 3. when the ledger shows the following: Cash Noncash Assets Liabilities Mossimo, Capital Fandango, Capital Plank, Capital Date On November 1, the MFP Partnership is to be liquidated Instructions Prepare the journal entries for the following transactions: a. Noncash assets are sold for $140,000 in cash. b. Gain/loss from (a) was distributed 60% Mossimo, 30% Fandango and 105 Plank. C. Liabilities were paid in full. d. Remaining cash was distributed to the partners. Account $ 50,000 200,000 50,000 75,000 100,000 25,000 Debit Credit

Answer rating: 100% (QA)

Explanation i Total cash 190000 ie 14000050000 ii Liabilities has been paid in full for 50000 i... View the full answer