Question

How assets disposal account are useful?​

Answer 1

Answer:

This account is primarily created to ascertain profit on the sale of fixed assets or loss on sale of fixed assets. The difference between the amount received from sale proceeds and net current value of the fixed asset being disposed of determines profit or loss. This amount is shown on the income statement.

Answer 2

This account is primarily created to ascertain profit on the sale of fixed assets or loss on sale of fixed assets. The difference between the amount received from sale proceeds and net current value of the fixed asset being disposed of determines profit or loss. This amount is shown on the income statement.