Accounting for IGCSE & O level - Accounting Procedures (Section 18 - No. 14)
Which of the following statements is correct about the journal entry for the accumulated depreciation upon disposal of a non-current asset?
Debit Accumulated Depreciation, Credit the Asset account
Debit Accumulated Depreciation, Credit Gain/Loss on Disposal
Debit the Asset account, Credit Accumulated Depreciation
Credit Accumulated Depreciation, Debit the Asset account
Explanation
To remove the depreciation from the accounting records, debit accumulated depreciation.
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