Accounting for IGCSE & O level - Accounting Procedures (Section 7 - No. 43)
If an asset has a net book value of $10,000 and is sold for $12,000, what is the result?
Loss of $2,000
Profit of $2,000
Loss of $22,000
Profit of $22,000
Explanation
Proceeds ($12,000) - Net book value ($10,000) = Profit of $2,000
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