alleryStart learning →Gain or loss on disposal equals what?
ASale price less cost
BNet proceeds less book value
CFair value less proceeds
DBook value plus costs
Answer & Solution
Correct answer: B. Net proceeds less book value
The gain or loss is net disposal proceeds less carrying amount, recognised in profit or loss.
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Related questions
Restrictions on realisability: what is disclosed?If fair value is unreliable, what is disclosed?When classification is hard, what is disclosed?Which profit or loss amounts must be disclosed?What must be disclosed under the cost model?Liabilities kept after disposal fall under which Standard?Compensation for lost property is recognised when?Carrying Rs 1.2 crore; net proceeds Rs 1.5 crore. Recognised?