Accounting for IGCSE & O level - Accounting Procedures (Section 1 - No. 19)

During disposal, which accounts would normally be debited to close out the asset?

Accumulated Depreciation

Cash

Asset Account

Gain/Loss on Disposal

Explanation

Accumulated Depreciation is debited to remove its balance. The gain/loss is debited if there is a loss. Cash is only used if money is involved. The Asset account is not debited.

Accounting for IGCSE & O level - Accounting Procedures (Section 1 - No. 19)

Explanation

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