Note to the Balance Sheet and Asset Disposal (Grade 12 NSC Matric Accounting): Flashcards

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Note to the Balance Sheet and Asset Disposal
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Note 3 to Balance Sheet details

Property, Plant & Equipment (fixed assets)

Carrying Value formula

Cost Price−Accumulated Depreciation\text{Cost Price} - \text{Accumulated Depreciation}

Another name for Carrying Value

Book value

Number of essential steps for asset disposal

Six

Step 1 of asset disposal

Transfer cost price to Asset Disposal Account

Asset Disposal Account must balance to

Zero at year-end

Asset Disposal Account debited with

Cost price of asset & any profit on sale

Asset Disposal Account credited with

Accumulated depreciation, selling price, any loss

Disposals recorded at which value in Note 3

Carrying value (book value), not selling price

Profit/loss on sale formula

Selling Price−Carrying Value\text{Selling Price} - \text{Carrying Value}

Explore Grade 12 NSC Matric Accounting Revision Notes by Topics

Introduction to Fixed Assets

Asset Register and Residual Value / Scrap Value of R1

Note to the Balance Sheet and Asset Disposal

Explore Grade 12 NSC Matric Accounting Model Answers by Topics

Introduction to Fixed Assets

Asset Register and Residual Value / Scrap Value of R1

Note to the Balance Sheet and Asset Disposal

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Introduction to Fixed Assets

Asset Register and Residual Value / Scrap Value of R1

Note to the Balance Sheet and Asset Disposal

Explore Grade 12 NSC Matric Accounting Exam Questions by Topics

Introduction to Fixed Assets

Asset Register and Residual Value / Scrap Value of R1

Note to the Balance Sheet and Asset Disposal

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