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Disposal of non current assets,

Forums › Ask ACCA Tutor Forums › ACCA Ethics and Professional Skills Module › Disposal of non current assets,

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • July 21, 2021 at 1:23 pm #629006
    Joanne94
    Participant
    • Topics: 14
    • Replies: 8
    • ☆

    Hello,

    A question during the year to 30th June 20X7, Eugene Ltd sold a non current asset for $36000. It had been acquired three years ago at a cost of $ 180 000. At the date of disposal of the asset, the accumulated depreciation was $138,000. Find profit or loss on depreciation and make journal entries to record the disposal.

    Profit or loss = NBV (180,000-138,000)
    = 42,000
    Selling price is $36,000 therefore loss of $6000 on Disposal.

    For Journal Entries, Cash received, 36000 is debited, loss on disposal, 6000, debited, Accumulated Depreciation, 138000, debited and asset credited at disposal. 180,000.

    Please correct if wrong, Thank you.

    July 21, 2021 at 2:23 pm #629011
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6790
    • ☆☆☆☆☆

    You need to post to the relevant forum. This forum is for queries about the Ethics and Professional Skills Module.

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