20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for September 2025 exams.
Get your discount code >>

What is the correct balance in the asset register?

This topic has 1 reply, 2 voices, and was last updated 10 years ago by John Moffat.

Viewing 2 posts - 1 through 2 (of 2 total)

Author

Posts
March 22, 2015 at 2:08 pm #233650
Avishay
Member
- Topics: 14
- Replies: 9
An asset register showed a carrying value of $ 67,460. A non-current asset costing $15,000 had been sold for $ 4,000, making a loss on disposal of $ 1,250. No entries had been made in the asset register for this disposal.

What is the correct balance on the asset register?
March 22, 2015 at 2:45 pm #233660
John Moffat
Keymaster
- Topics: 57
- Replies: 54700
Have you watched the free lectures on depreciation?

If the asset was sold for 4,000 and there is a loss of 1250, then it means that the carrying value of the asset sold must have been 5,250.

So subtract this from the current total to get the correct total.
Author

Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.