When an asset is sold, the entries for the accumulated depreciation are; debit

  • A assets disposal account; credit provision for depreciation account
  • B provision for depreciation account; credit asset disposal account
  • C fixed asset account; credit asset disposal account
  • D asset disposal account; credit fixed asset account
waec 2014accounting

The correct answer is B. provision for depreciation account; credit asset disposal account

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

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