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NCA disposal (need advice)

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › NCA disposal (need advice)

  • This topic has 3 replies, 3 voices, and was last updated 3 years ago by teshwar.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • June 20, 2018 at 11:12 pm #459536
    l_ACCA
    Member
    • Topics: 35
    • Replies: 134
    • ☆☆

    Hi,
    Maybe a silly question but what is double entry for a non-current asset disposal when the asset is already fully depreciated and scrapped with no proceeds?

    I recorded:
    Dr Accumulated depreciation a/c
    Cr Fixed Asset a/c

    … and I was told that I missed something. I don’t know what could that be?! No proceeds, fully depreciated… so it’s only 2 entries. No? What is missing?

    Should entries go through disposal a/c even though it would be in and out (Dr and Cr with the same amount) situation?

    June 21, 2018 at 6:29 am #459549
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51529
    • ☆☆☆☆☆

    Normally we would go through a disposal account because normally there will be scrap proceeds.
    However in this example, your entry is fine 🙂

    June 21, 2018 at 12:01 pm #459597
    l_ACCA
    Member
    • Topics: 35
    • Replies: 134
    • ☆☆

    Thank you John.

    November 2, 2019 at 10:03 pm #551459
    teshwar
    Participant
    • Topics: 26
    • Replies: 23
    • ☆

    Hi can u tell me If that is the correct steps to find the profit or loss of an non current asset

    Non current asset cost X
    Less: Residual value (X)
    Net book value X
    Less: depteciation (X)
    Carrying amount X
    Less: proceeds ( X)
    Profit/loss X/(X)

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