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profit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › profit

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by John Moffat.
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  • August 16, 2020 at 9:13 am #580731
    mkfatima
    Member
    • Topics: 19
    • Replies: 3
    • ☆

    if non current is sold & there is any profit again , does it affect asset and equity but not liability ?
    .
    if current asset is sold it affect all asset, liability and equity ?

    sir kindly help am if i am wrong here.

    August 16, 2020 at 10:51 am #580745
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51538
    • ☆☆☆☆☆

    Selling 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.

    I suggest that you watch my free lectures. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

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