Q.
The balance of property at cost has been ` 20,000 and ` 17,000 in 2015 and 2016, respectively. The profit on the sale of property of ` 2,000 is credited to Capital Reserve Account. New property costing ` 5,000 was bought in 2016. Determine the sale proceeds from property.
[A] 3,000
[B] 7,000
[C] 10,000
[D] 15,000
Answer & Explanation
Answer: 10,000