WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
  1. Home
  2. Classroom
  3. Accounts - Principles of Accounts
  4. WAEC 2016
  5. When a fixed asset i...

When a fixed asset is disposed off, the accounting entries to write off the asset...

Accounts - Principles of Accounts
WAEC 2016

When a fixed asset is disposed off, the accounting entries to write off the asset are Debit

  • A. Profit and loss account; credit asset disposal account
  • B. Asset disposal account; credit profit and loss account
  • C. Asset disposal account, credit asset account
  • D. Profit and loss account; credit provision for depreciation account
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now
Correct Answer: Option C
Explanation

How to record the disposal of assets

  • No proceeds, fully depreciated. Debit all accumulated depreciation and credit the fixed asset.
  • Loss on sale. Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of assetaccount, and credit the fixed asset.
  • Gain on sale.
Previous Next
Go back to Acc classroom

Report an Error Ask A Question Download App
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
{{ text }}

Contributions ({{ comment_count }})

Please wait...

{{ settings.no_comment_msg ? settings.no_comment_msg : 'There are no comments' }}

Quick Questions

Post your Contribution

Please don't post or ask to join a "Group" or "Whatsapp Group" as a comment. It will be deleted. To join or start a group, please click here

{{ quote.posted_by.display_name }}
{{ settings.form_textarea_description }}
 
Your School's Whatsapp Group - Join Us now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
Your School's Whatsapp Group - Join Us now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now