Accounting for IGCSE & O level - Accounting Procedures (Section 18 - No. 17)

In the journal entry to record the sale of an asset, which accounts are most likely to be credited?

Cash

Accumulated Depreciation

Asset account

Gain/Loss on Disposal

Explanation

Accumulated Depreciation to remove the accumulated amount, the Asset Account to remove its original cost, and Gain/Loss on Disposal for the difference between book value and selling price.

Accounting for IGCSE & O level - Accounting Procedures (Section 18 - No. 17)

Explanation

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