WAEC - Accounts Principles Of Accounts (2012 - No. 35)

The double entry to record the proceeds on disposal of assets in debit

bank account; credit asset disposal account

asset disposal account; credit bank account

provision for depreciation account; credit asset disposal account

asset disposal account; credit provision for depreciation account

Explanation

Debit provision for Depreciation account (to remove the equipment's up-to-date accumulated depreciation), Credit the account Equipment (asset disposal account) to remove the equipment's cost.

WAEC - Accounts Principles Of Accounts (2012 - No. 35)

Explanation

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