How to Treat Scrap Asset

Question

Apr 22, 2007, 04:35 PM

masud

Junior Member

Join Date: Apr 2007

Posts: 32

How to Treat Scrap Asset

Say Car is scrapped during the year ended (31/12/2003), Original Cost £7000 and had a net book value of £ 2000 as at 31/12/2002. The asset is not depreciated during the year of their disposal.

I don't know what would be the double entry for this coz its new for me.

Answer

Thanx

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