UGC NET COMMERCE November 2017(Paper-II) Q7

7The balance of property at cost has been Rs.20,000 and Rs.17,000 in 2015 and 2016, respectively. The profit on the sale of property of Rs.2,000 is credited to Capital Reserve Account. New property costing Rs.5,000 was bought in 2016. Determine the sale proceeds from property.

Option : C
Explanation : Sale proceeds from property
= 20,000 + 2,000 + 5,000 – 17,000
= Rs.10,000.

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