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Depreciation is a non cash item, but how profit or loss on disposal of non current asset is a non cash item? As we actually recieve more proceed than carrying value of disposed asset in case of profit on disposal.
I’ve just sold my car – how much profit did I make?
Let me ask a different question with the same hidden message!
I’ve just sold my car and made a profit of $200 – how much cash did I receive?
Profits and losses on asset disposals are NOT the same as cash proceeds
Message understood?
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