Question
Government of Zanzibar has purchased a building for RO 100,000 with an estimated life of 20 years. Due to some reasons the government has decided
Government of Zanzibar has purchased a building for RO 100,000 with an estimated life of 20 years. Due to some reasons the government has decided to sell the building after 5 years use for RO 20,000. If in case the government records this sale under proprietary fund, then the entry will be _________.
a.
Cash/Bank 20,000 Other revenue 20,000
b.
Cash/Bank 20,000 Acc. Depreciation 25,000 Loss on sale 55,000 Building 100,000
c.
Cash/Bank 20,000 Loss on sale 80,000 Building 100,000
d.
None of the options
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
