Question: The MFP Partnership is to be liquidated when the ledger shows the following: Cash ...... $50,000 Noncash Assets ... 200,000 Liabilities ..... 50,000 Moss, Capital

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

Cash ...... $50,000

Noncash Assets ... 200,000

Liabilities ..... 50,000

Moss, Capital ..... 75,000

Fairly, Capital .. 100,000

Pratt, Capital ... 25,000

Moss, Fairly, and Pratt's income ratios are 6:3:1, respectively.

Instructions

Prepare separate entries to record the liquidation of the partnership assuming that the noncash assets are sold for $150,000 in cash.

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