Question on: WAEC Accounting - 2012
A loss made on the disposal of a fixed assets is debited to
A
sales account
B
purchases account
C
profit and loss account
D
capital account
Ask EduPadi AI for a detailed answer
Correct Option: C
Loss on sale; Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the fixed asset
Add your answer
Please share this, thanks!
No responses