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Homework answers / question archive / You are logged in + Back to course "Introduction to Accounting (1) Quiz navi Question 4 2 Not yet answered The book value of the non-cash assets of the Nojoom partnership is OR 60,000
You are logged in + Back to course "Introduction to Accounting (1) Quiz navi Question 4 2 Not yet answered The book value of the non-cash assets of the Nojoom partnership is OR 60,000. In liquidations, the partnership sells the non-cash assets for 50,000. How would the partnership account for the sale of the non-cash assets? 10 Marked out of 10 Finish atte Flag Question Select one: Time left Dr. Non-cash assets 50,000 loss 10,000 Cr. Cash 60,000 Ob. Dr. Cash 50,000 Cr. Non-cash assets 50,000 C. Dr. Cash 50,000 loss 10,000 Cr. Non-cash assets 60.000 od Dr. Cash 60,000 Cr. Non-cash assets 50,000
Solution:
| Particulars | Debit | Credit |
| Cash Dr | $50,000 | |
| Loss Dr | $10,000 | |
| Cr. Non Cash assets | $60,000 |
Hence option "c" is correct.
