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An Asset with revalued cost of 12k, initial cost 10k, depre of 5k, was sold for 8k. What is gain/loss a. Gain 1k b. Gain 3k c. Loss 2k d. Loss 4k

Accounting Cost Accounting Financial Reporting Bank Accounting Fixed Assets
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Question added by Mozammil Ahmad , Manager Accounts , Ecopack Limited
Date Posted: 2015/02/08
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Shoaib Sarwar
by Shoaib Sarwar , Financial Controller , Saudi Bakeries Limited

Option1 - Gain1k. 

Asset cost12 K

Acc. Dep.  5 K

Sale value8 K

Difference is Gain.

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