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

Accounting Nov 05, 2020

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

Expert Solution

Solution:

Particulars	Debit	Credit
Cash Dr	$50,000
Loss Dr	$10,000
Cr. Non Cash assets		$60,000

Hence option "c" is correct.

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