question archive Selim Ltd acquired a non?current asset on 1 October 2009 at a cost of £100,000 which had a useful life of ten years and a nil residual value
Selim Ltd acquired a non?current asset on 1 October 2009 at a cost of £100,000 which had a useful life of ten years and a nil residual value
Subject:FinancePrice: Bought3
Selim Ltd acquired a non?current asset on 1 October 2009 at a cost of £100,000 which had a useful life of ten years and a nil residual value. The asset had been correctly depreciated up to 30 September 2014. At that date the asset was damaged and an impairment review was performed. On 30 September 2014, the fair value of the asset less costs to sell was £30,000 and the value in use was £32,215. What amount would be charged to profit or loss for the impairment of this asset for the year ended 30 September 2014?
