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How do you identify the amount of realised gain or loss on
the disposal of an investment asset?
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By reference to the carrying value in the balance sheet. *
If the asset is valued at market value in the balance sheet
(at the previous period end) then the realised gain or loss
is the difference between the sales proceeds and the market
value at that date. * If the asset is valued at cost in the
balance sheet (e.g. at the previous period end or because
it was purchased since the previous period end) then the
realised gain or loss is the difference between the sales
proceeds and the cost.
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
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