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Prepare the entries for the sale and the allocation of loss

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Problem - On liquidation of the partnership of L. Straw and M. Maury, as of February 9, 20--, assets with a book value of $156,000 are sold for $140,000. Given that the profit-and-loss ratio is 60% for Straw and 40% for Maury, prepare the entries for the sale and the allocation of loss.

Reference no: EM132723210

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