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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.

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March 22, 2015 at 2:08 pm #233650
Avishay
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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
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- Topics: 57
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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.
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