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Hello. I am having a problem identifying an asset. in trial balance office equipment, land buildings and vans are mentioned as non-current assets.
I am given the additional information saying some equipment was sold on 31.1.17 for 120 000. So in this case, is he talking about office equipment, buildings or vans? Because in the previous example the teacher was using the word “equipment” in journal entries when it was given that sold items were shop-fittings. So here I wanted to assume it was office equipment what they were talking about but again, I guess this word can mean any kind of asset so.. I need help with this one.
Thanks in advance.
It would have to mean office equipment. We do not use the word ‘equipment’ when talking about buildings or vans – they are not equipment 🙂
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