Harry,Tony and Liza Run a Partnership Firm

question 62

Multiple Choice

Harry,Tony and Liza run a partnership firm.In the process of liquidation,the partnership sells non-cash assets,having a book value of $73,000,for $92,000.Which of the following is true of the journal entries?

• A)Non-cash assets will be credited for $92,000.
• B)Cash will be credited for $73,000.
• C)Cash will be credited by $19,000.
• D)Non-cash assets will be credited for $73,000.

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