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Loss/Gain on Disposal

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Loss/Gain on Disposal

  • This topic has 1 reply, 2 voices, and was last updated 10 years ago by John Moffat.
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  • February 23, 2015 at 3:44 pm #229820
    tianyi
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    If i have a discount of 10,000 for a trade in of my old car for a new car. The cost of the old car is 50,000 and the NBV is 12,000. I paid additional 60,000 for the new car.
    What is the Profit/Loss on the trade-in transaction? and how do you record it in journal entry?

    February 24, 2015 at 7:10 am #229866
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    You deal with the disposal exactly as normal, with proceeds of 10,000 (so a loss of 2,000).
    You deal with the purchase of the new one exactly as normal, the cost is 70,000

    The only extra entry is for the trade-in itself, and is Dr Car 10,000 Cr Disposal account 10,000.
    All the other entries are exactly as always.

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