WAEC - Accounts Principles Of Accounts (2012 - No. 41)

A loss made on the disposal of a fixed assets is debited to

sales account

purchases account

profit and loss account

capital account

Explanation

Loss on sale; Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the fixed asset

WAEC - Accounts Principles Of Accounts (2012 - No. 41)

Explanation

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