In the process of liquidation, a partnership firm sells its non-cash assets of a book...
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Accounting
In the process of liquidation, a partnership firm sells its non-cash assets of a book value of $49,000, for $78,000. Which of the following will be included in the entry to record the sale of assets at liquidation?
Gain on Disposal will be debited by $29,000.
B. Gain on Disposal will be debited by $78,000.
C. Gain on Disposal will be credited by $29,000.
D. Gain on Disposal will be credited by $78,000
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