Mr. So and Mrs. So are in partnership. During the year ended 31 December 2007, Mr....

 

Transcribed Image Text:

Mr. So and Mrs. So are in partnership. During the year ended 31 December 2007, Mr. So took a notebook computer from the partnership for his own use. The cost, accumulated depreciation and agreed selling price of the notebook computer are $15,000, $5,000 and $8,000 respectively. Which of the following journal entries is CORRECT? A B C D Dr Notebook computer accumulated depreciation $5,000 Dr Partners' capital - Mr. So $10,000 Cr Notebook computer - cost Dr Notebook computer-accumulated depreciation $5,000 Dr Partners' capital - Mr. So $8,000 Dr Loss on disposal $2,000 Cr Notebook computer - cost Dr Notebook computer - accumulated depreciation $5,000 Dr Loss on disposal $10,000 Cr Notebook computer - cost No journal entry is required. $15,000 $15,000 $15,000 Mr. So and Mrs. So are in partnership. During the year ended 31 December 2007, Mr. So took a notebook computer from the partnership for his own use. The cost, accumulated depreciation and agreed selling price of the notebook computer are $15,000, $5,000 and $8,000 respectively. Which of the following journal entries is CORRECT? A B C D Dr Notebook computer accumulated depreciation $5,000 Dr Partners' capital - Mr. So $10,000 Cr Notebook computer - cost Dr Notebook computer-accumulated depreciation $5,000 Dr Partners' capital - Mr. So $8,000 Dr Loss on disposal $2,000 Cr Notebook computer - cost Dr Notebook computer - accumulated depreciation $5,000 Dr Loss on disposal $10,000 Cr Notebook computer - cost No journal entry is required. $15,000 $15,000 $15,000

Answer rating: 100% (QA)

DNo journal entry is required The journal entry is not requir... View the full answer