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Dear sir,
NCA bal b/d 8000
c/d 11000During the year NCA which had cost $800, with a carrrying value of $350, were sold for $500.
1.My question is that when calculating acquisition(purchase), on the credit side the amount of disposal(sale) is $800 or $350?
2. Also is carrying value and net book value the same thing?
Thanks in advance.
It depends whether the balance brought down of 800 is at cost of at net book value. If it is at cost then you credit with the cost of the asset sold.
If it is at net book value then you credit with the net book value of the asset sold.Yes – carrying value and net book value both mean the same thing.
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