Question

On replacement of an asset, any amount realised on account of sale of old materials is credited to

Answer 1

Explanation:

Term Insurance Plans are the simplest and most affordable form of Life Insurance. Term insurance plans are life insurance plans which promise to pay a benefit only if the insured dies during the term of the policy. There is, usually, no maturity benefit payable under the plan.

Answer 2

Answer:

On replacement of an asset, any amount realised on account of sale of old materials is credited to Income and expenditure account

Explanation:

Income and expenditure account records all the incomes and expenses of the firm for a particular period. Sale of old material is an income and it should be credited in the income and expenditure account.