Question
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
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Answer & Explanation
Answer:10,000
