Chapter 9 - 4.4 - Sets of Non-Wasting Chattels Flashcards
1
Q
What is a set of chattels?
A
A group of similar or complementary items that are worth more together than separately e.g a pair of vases by the same ceramist
2
Q
How does the acquisition cost need to be divided when only part of the set is disposed of?
A
Cost x A / (A+B)
A = market value of part disposed of
B = market value of part retained
