In the Process of Liquidation,a Partnership Firm Sells Its Non-Cash

question 129

Multiple Choice

In the process of liquidation,a partnership firm sells its non-cash assets with a book value of $55,000,for $73,000.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 $73,000.
• B) Gain on Disposal will be debited by $73,000.
• C) Gain on Disposal will be credited by $18,000.
• D) Gain on Disposal will be debited by $18,000.

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