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WAEC Accounting 2016 Paper
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Question : 48
Total: 50
When a fixed asset is disposed off, the accounting entries to write off the asset are Debit
Profit and loss account; credit asset disposal account
Asset disposal account; credit profit and loss account
Asset disposal account, credit asset account
Profit and loss account; credit provision for depreciation account
Validate
Solution:
How to record the
disposal
of
assets
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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