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Non – Current Assets

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Non – Current Assets

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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  • November 28, 2015 at 3:34 pm #285970
    namratta1212
    Member
    • Topics: 4
    • Replies: 1
    • ☆

    The asset register shows a carrying value for NCA of $85600; the ledger accounts includea cost balance of $185000 and an accumulated depreciation balance of $55000. How can we may explain the discrepancy ?
    Can you please explain about this
    the omission of the disposal of an asset from the ledger accounts ( cost $25600 and accumulated depreciation at disposal $ 11200) and the omission of an addition of land costing $30000 from the register.

    November 28, 2015 at 5:40 pm #285991
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    The carrying value on the ledge accounts is 185,000 – 55,000 = 130,000.
    This should be the same as the amount in the asset register. It isn’t and so there is obviously a mistake.

    A disposal has been missed out of the ledger accounts. The carrying value is 25,600 – 11,200 = 14,400.
    Therefore it needs removing and the correct value in the ledger accounts is therefore 130,000 – 14,400 = 115,600

    The land has been missed out of the register, and so the correct value in the register is 85,600 + 30,000 = 115,600

    Now the two agree 🙂

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