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

Question

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

Quizplus · Accepted Answer

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

The MFP Partnership Is to Be Liquidated When the Ledger