Accounting for IGCSE & O level - Accounting Procedures (Section 15 - No. 42)
What is the purpose of a disposal account?
To record the initial cost of the asset.
To track the depreciation expense.
To determine the gain or loss on the disposal of an asset.
To track the market value of the asset.
Explanation
The disposal account is used to calculate and record the profit or loss on disposal.
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