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Chapter 6 Example 5 Disposal of Building

Forums › Ask CIMA Tutor Forums › Ask CIMA F1 Tutor Forums › Chapter 6 Example 5 Disposal of Building

  • This topic has 2 replies, 2 voices, and was last updated 4 years ago by P2-D2.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • May 17, 2020 at 12:44 pm #571114
    usk2307
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Hi,
    Plz help me with clarification. In the answer sheet and video of tutor, the base for calculating profit is Carrying Value however no accumulated depreciation is considered. Shouldn’t the profit on sale be like

    Profit on sale = Accumulated Depn + Disposal amount – Carrying Value

    If no, can you plz clarify. Thanks

    May 17, 2020 at 12:51 pm #571115
    usk2307
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Got it, it’s not asset carrying value, rather the original amount of asset.

    May 20, 2020 at 8:55 pm #571350
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7142
    • ☆☆☆☆☆

    Yes, the carrying value is the cost less accumulated depreciation. Glad you resolved it.

    Thanks

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