Ask Experts Questions for FREE Help !
Ask
    tpreberry's Avatar
    tpreberry Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 1, 2009, 10:00 AM
    How do I account for assets traded for new assets and no cash was involved
    Our company traded equipment with another company and received new assets. No cash was involved at all. Do I retire the old assets from our books? How do I handle the loss on the retirement? Do I add the new assets at the value quoted by the Vendor? Detail below.
    Old Assets Traded:
    Cost: $9,893.21
    Accum: $9,883.70
    NBV: $9.51
    Value of New Assets Received: $6,300.00
    smdk's Avatar
    smdk Posts: 73, Reputation: 2
    Junior Member
    		  
    #2

    Dec 1, 2009, 10:15 AM

    show it as old assed scrapped(depreciated value)new asset aquired(cost)and loss(difference in values).
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Cash flow from Assets [ 1 Answers ]

I have tried to complete the following question. However, when I add cash to creditors and cash to shareholders it does not equal the cash flow from assets. I have gone over my work numerous times and I cannot figure out what I am doing wrong. Thank you in advance.

Is patents ( Intangible assets) added in total assets on balance sheet [ 2 Answers ]

Is the patents (Intangible assest)amount added to the current assets amount on a balance sheet. Help Thanks

Assets and expenses for accrual and cash acounting [ 1 Answers ]

Determining assets and expenses for accrual and cash accounting. On March 1, 2003, a company paid a $16,200 premium on a 36 month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. Balance Sheet Insurance Asset Using ...

View more questions Search