Adjustments = Fixed assets Flashcards by Mark Jones | Brainscape

Q

What is net book value?

A

Cost less accumulated depreciation

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Q

If NBV is £1k and £900 received what is account entry?

A

Dr cash £900 Dr loss £100 Cr fixed assets £1k

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Q

What is account entry is if NBV is £1k £1.1k is received

A

Dr cash £1,100 Cr profit £100 Cr fixed £1k

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