Accounting for IGCSE & O level - Accounting Procedures (Section 8 - No. 1)
What happens to the profit or loss on disposal at the end of the accounting year?
It's carried forward to the next year.
It's closed to retained earnings.
It's recorded on the balance sheet.
It's added to the accumulated depreciation.
Explanation
The profit or loss is closed to the retained earnings at the end of the accounting year.
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