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Disposal of Fixed Asset

This topic has 4 replies, 3 voices, and was last updated 5 years ago by Stephen Widberg.

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November 2, 2020 at 10:05 am #593835
alpha2006
Participant
- Topics: 19
- Replies: 18
Book value 9.6m and sold for 13m but only 6.5m is paid and the balance will be paid in three months time … am confused how to recognize this gain …
Thanks
November 3, 2020 at 12:44 pm #593937
ghulam98
Member
- Topics: 19
- Replies: 15
GAIN WILL BE RECOGNIZED IN FULL 3.4m of the gain will be recorded in pnl
November 3, 2020 at 1:38 pm #593944
alpha2006
Participant
- Topics: 19
- Replies: 18
Thank you… I was suggesting that some part of the profit will be deferred as defer income…
Thanks once again
November 3, 2020 at 8:51 pm #594000
ghulam98
Member
- Topics: 19
- Replies: 15
no it will not defer only receivable will be created
November 4, 2020 at 3:57 pm #594063
Stephen Widberg
Keymaster
- Topics: 17
- Replies: 3444
No – gain will be recognised in full on date control of asset transferred to buyer.
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