FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following accounts pertain to Ali and Basil partnership: cash 10000, non-cash assets 90000, liabilities 30000, Ali capital
50000 and Basil capital 20000. The income ration 3:2. The partnership was liquidated and non-cash assets were sold for
110000. The gain on realization will be charged to Ali capital is-----
O a. 20000
O b. 25000
O c. 15000
O d.
12000
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Transcribed Image Text:The following accounts pertain to Ali and Basil partnership: cash 10000, non-cash assets 90000, liabilities 30000, Ali capital 50000 and Basil capital 20000. The income ration 3:2. The partnership was liquidated and non-cash assets were sold for 110000. The gain on realization will be charged to Ali capital is----- O a. 20000 O b. 25000 O c. 15000 O d. 12000
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