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When an asset is sold, the entries for the accumulated depreciation are; debit

Accounts - Principles of Accounts
WAEC 2014

When an asset is sold, the entries for the accumulated depreciation are; debit

  • A. assets disposal account; credit provision for depreciation account
  • B. provision for depreciation account; credit asset disposal account
  • C. fixed asset account; credit asset disposal account
  • D. asset disposal account; credit fixed asset account
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Correct Answer: Option B
Explanation

Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the fixed asset.

 

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