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? Select one: O a. Dr. Non-cash 50,000 assets 10,000 loss 60,000 Cr. Cash O b. Dr. Cash 50,000 loss 10,000 Cr. Non- 60,000 cash assets O c. Dr. Cash 50,000 Cr. Non- 50,000 cash assets O d. Dr. Cash Cr. 60,000 Non-cash 60,000 assets
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? Select one: O a. Dr. Non-cash 50,000 assets 10,000 loss 60,000 Cr. Cash O b. Dr. Cash 50,000 loss 10,000 Cr. Non- 60,000 cash assets O c. Dr. Cash 50,000 Cr. Non- 50,000 cash assets O d. Dr. Cash Cr. 60,000 Non-cash 60,000 assets
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 39P
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A The book value of the non-cash assets of the Nojoom
O a. Dr. Non-cash 50,000 assets 10,000 loss 60,000 Cr. Cash
O b. Dr. Cash 50,000 loss 10,000 Cr. Non- 60,000 cash assets
O c. Dr. Cash 50,000 Cr. Non- 50,000 cash assets
O d. Dr. Cash Cr. 60,000 Non-cash 60,000 assets
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