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Accountancy

Why we are selling the asset at the NRV and why we are not selling at Book value while NRV is lower than the Book Value (at the time of the Retirement Value)

Snehashis Mohanty

CA Inter

★ 35

06-Jan-23 10:03

320

Answers (4)

(At the time of the Retirement of the asset active use)

Thread Starter

Snehashis Mohanty

CA Inter

★ 35

06-Jan-23 10:12

Thread Starter

Snehashis Mohanty

(At the time of the Retirement of the asset active use)

We will record at NRV only because it is lower than cost.

Shankari C

CA Inter

★ 12K+

06-Jan-23 10:15

Shankari C

We will record at NRV only because it is lower than cost.

Cost or book value

Shankari C

CA Inter

★ 12K+

06-Jan-23 10:15

Sale happens at the agreed price. When we hold an asset for sale (means we have decided to sell) it should be shown at lower of carrying amount or net realisable value.

CA Suraj Lakhotia

Admin

06-Jan-23 17:32

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