Question
Disposal of Asset. During the year to 30 June 20X7, Hibiscus Ltd sold a non-current asset for $36,000. It was acquired three years ago at
Disposal of Asset.
During the year to 30 June 20X7, Hibiscus Ltd sold a non-current asset for $36,000. It was acquired three years ago at a cost of $180,000. At the date of disposal of the asset, the accumulated depreciation was $138,000.
What was the profit or loss on disposal, and what journal entries are needed to record the disposal?
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Using Microsoft Excel and Access 2016 for Accounting
Authors: Glenn Owen
5th edition
1337109048, 1337109045, 1337342149, 9781337342148 , 978-1337109048
