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Hello Sir, please assist on the question below.
During the year to 30th June 20X7, Eugene Ltd sold a non current asset for $36,000. 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. What was the profit or loss on disposal, and what journal entries are needed to record the disposal?
Thank you.
Please do not type out a full question and expect to be provided with a full answer.
You must have an answer in the same book in which you found the question, so ask about whatever it is in the answer that you are not clear about and then I will explain.
Everything needed to be able to answer this question is explained in detail in my free lectures on non-current assets. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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