if non current is sold & there is any profit again , does it affect asset and equity but not liability ?
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if current asset is sold it affect all asset, liability and equity ?
sir kindly help am if i am wrong here.
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5y ago#1Selling any type of asset does not affect liabilities.
Selling a current asset does not affect equity unless it is sold at a profit which is only going to happen if it is inventory.
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