Gain / Loss on disposal of an Asset: Whenever any asset is disposed or sold either gain or loss has to be accounted in the books of accounts to close the accounts of asset and accumulated depreciation accounts. There can be two cases of disposal. • When asset is fully depreciated • When asset is not completely depreciated. In the second case the balance remaining non depreciated amount of the asset has to be written off to Profit & Loss account as Loss on disposal of asset when nothing is received against asset disposal. To determine: Gain / Loss on disposal of asset

Question

Want to see the full answer?

Answer 1

Question

Chapter 10, Problem 5QC

To determine

Gain / Loss on disposal of an Asset:

Whenever any asset is disposed or sold either gain or loss has to be accounted in the books of accounts to close the accounts of asset and accumulated depreciation accounts.

There can be two cases of disposal.

• When asset is fully depreciated

• When asset is not completely depreciated.

In the second case the balance remaining non depreciated amount of the asset has to be written off to Profit & Loss account as Loss on disposal of asset when nothing is received against asset disposal.

To determine: Gain / Loss on disposal of asset

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 2

Question

Chapter 10, Problem 5QC

To determine

Gain / Loss on disposal of an Asset:

Whenever any asset is disposed or sold either gain or loss has to be accounted in the books of accounts to close the accounts of asset and accumulated depreciation accounts.

There can be two cases of disposal.

• When asset is fully depreciated

• When asset is not completely depreciated.

In the second case the balance remaining non depreciated amount of the asset has to be written off to Profit & Loss account as Loss on disposal of asset when nothing is received against asset disposal.

To determine: Gain / Loss on disposal of asset

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 10, Problem 5QC

To determine

Gain / Loss on disposal of an Asset:

Whenever any asset is disposed or sold either gain or loss has to be accounted in the books of accounts to close the accounts of asset and accumulated depreciation accounts.

There can be two cases of disposal.

• When asset is fully depreciated

• When asset is not completely depreciated.

In the second case the balance remaining non depreciated amount of the asset has to be written off to Profit & Loss account as Loss on disposal of asset when nothing is received against asset disposal.

To determine: Gain / Loss on disposal of asset

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 10, Problem 5QC

To determine

Gain / Loss on disposal of an Asset:

Whenever any asset is disposed or sold either gain or loss has to be accounted in the books of accounts to close the accounts of asset and accumulated depreciation accounts.

There can be two cases of disposal.

• When asset is fully depreciated

• When asset is not completely depreciated.

In the second case the balance remaining non depreciated amount of the asset has to be written off to Profit & Loss account as Loss on disposal of asset when nothing is received against asset disposal.

To determine: Gain / Loss on disposal of asset

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 10, Problem 5QC

To determine

Gain / Loss on disposal of an Asset:

Whenever any asset is disposed or sold either gain or loss has to be accounted in the books of accounts to close the accounts of asset and accumulated depreciation accounts.

There can be two cases of disposal.

• When asset is fully depreciated

• When asset is not completely depreciated.

In the second case the balance remaining non depreciated amount of the asset has to be written off to Profit & Loss account as Loss on disposal of asset when nothing is received against asset disposal.

To determine: Gain / Loss on disposal of asset

Answer 6

Chapter 10, Problem 5QC

To determine

Gain / Loss on disposal of an Asset:

Whenever any asset is disposed or sold either gain or loss has to be accounted in the books of accounts to close the accounts of asset and accumulated depreciation accounts.

There can be two cases of disposal.

• When asset is fully depreciated

• When asset is not completely depreciated.

In the second case the balance remaining non depreciated amount of the asset has to be written off to Profit & Loss account as Loss on disposal of asset when nothing is received against asset disposal.

To determine: Gain / Loss on disposal of asset

Answer 7

Chapter 10, Problem 5QC

To determine

Gain / Loss on disposal of an Asset:

Whenever any asset is disposed or sold either gain or loss has to be accounted in the books of accounts to close the accounts of asset and accumulated depreciation accounts.

There can be two cases of disposal.

• When asset is fully depreciated

• When asset is not completely depreciated.

In the second case the balance remaining non depreciated amount of the asset has to be written off to Profit & Loss account as Loss on disposal of asset when nothing is received against asset disposal.

To determine: Gain / Loss on disposal of asset

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 10 - Prob. 1QC Ch. 10 - Prob. 2QC Ch. 10 - Which method almost always produces the most...Ch. 10 - A Celty Airline jet costs $28,000,000 and expected...Ch. 10 - Prob. 5QC Ch. 10 - Prob. 6QC Ch. 10 - Prob. 7QC Ch. 10 - Prob. 8QC Ch. 10 - Prob. 9QC Ch. 10 - Prob. 10AQC

Want to see the full answer?

Chapter 10 Solutions