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revised book value

This topic has 1 reply, 2 voices, and was last updated 9 years ago by John Moffat.

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November 9, 2015 at 1:54 pm #281272
storm
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a business non current assets had a bookvalue of $125000. an asset which cost $12000 was sold for $9000at a profit of $2000 what is the revised bookvalue of non current assets?
November 10, 2015 at 8:46 am #281420
John Moffat
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The asset sold must have had a book value of 7,000 (for there to be a profit on sale of 2,000 when it was sold for 9,000).
Therefore the revised book value must be 125,000 – 7,000 = 118,000
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