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Depreciation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Depreciation

  • This topic has 3 replies, 2 voices, and was last updated 6 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • October 11, 2018 at 9:26 am #477242
    CYNTHIA
    Member
    • Topics: 10
    • Replies: 20
    • ☆

    An organisation’s asset register shows a carrying value of $145,600. The non current asset account in the nominal ledger shows a carrying value of $135,600. The difference could be due to a disposed asset not having been deducted from the asset register. which one of the following is correct.

    A. Asset with disposal proceeds of $15000 and a profit on disposal of $5000
    B.. Asset with disposal proceeds of $15000 and a carrying value of $5000
    C.. Asset with disposal proceeds of $15000 and a loss on disposal of $5000
    D.. Asset with disposal proceeds of $5000 and a carrying value of $5000

    The answer is A. Mr Moffat kindly help with an explanation. Thanks

    October 13, 2018 at 10:38 am #477739
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54679
    • ☆☆☆☆☆

    The asset sold must have had a carrying value of 145,600 – 135,600 = 10,000.

    Given that the profit on sale is equal to the proceeds of sale less the carrying value, then it is only A that gives a carrying value of 10,000.

    Have you watched my free lectures on depreciation? The lectures are a complete free course and cover everything needed to be able to pass the exam well.

    October 13, 2018 at 3:06 pm #477796
    CYNTHIA
    Member
    • Topics: 10
    • Replies: 20
    • ☆

    Thanks. yes i have watched the free lectures. got a little confused while solving questions on depreciation from revision kit.
    I have a better understanding now.

    October 13, 2018 at 4:50 pm #477811
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54679
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘Depreciation’ is closed to new replies.

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