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Hello sir, 🙂
Lately watched your lectures..A bit perplexed about the following:
Dr Proceeds (SOFP)
Cr Assets. (SOFP)
Well,if the carrying value is lesser than proceeds , what would be another Cr entry..
You must be referring to where the transfer is a sale. In this instance we recognise a profit based on the rights transferred to the lessor-buyer. We detail how to calculate this in the videos and class notes. Have another look through and see how you get on with the examples.