Accountancy, asked by nellymotshidisi, 11 months ago

How to record Asset Disposal grade11

Answers

Answered by BROKENKID

1

Answer:

✔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 asset account, and credit the fixed asset.

✔Gain on sale.

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