The double entry to record the proceeds on disp... - WAEC Accounting 2012 Question
The double entry to record the proceeds on disposal of assets in debit
A
bank account; credit asset disposal account
B
asset disposal account; credit bank account
C
provision for depreciation account; credit asset disposal account
D
asset disposal account; credit provision for depreciation account
correct option: c
Debit provision for Depreciation account (to remove the equipment's up-to-date accumulated depreciation), Credit the account Equipment (asset disposal account) to remove the equipment's cost.
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