In the Process of Liquidation, a Partnership Firm Sells Its

question 29

Multiple Choice

In the process of liquidation, a partnership firm sells its non-cash assets of a book value of $50,000, for $75,000. Which of the following will be included in the entry to record the sale of assets at liquidation?

• A)Gain on Disposal will be credited by $75,000.
• B)Gain on Disposal will be debited by $75,000.
• C)Gain on Disposal will be credited by $25,000.
• D)Gain on Disposal will be debited by $25,000.

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Definitions:

Marxist/Conflict

A sociological perspective that views societal conflict and class struggle as central to understanding society's structure and the dynamics of societal change.

Commodification

The process whereby goods and services become available for purchase in the market.

Polygyny

A form of marriage in which a man is allowed to have more than one wife at the same time, a practice observed in certain cultures and societies.

Monogamy

The coupling of two people, excluding the intimate involvement of others.