When an asset is sold, the entries for the accumulated de...
When an asset is sold, the entries for the accumulated depreciation are; debit
Assets disposal account; credit provision for depreciation account
Provision for depreciation account; credit asset disposal account
Fixed asset account; credit asset disposal account
Asset disposal account; credit fixed asset account
Correct answer is B
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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The authority to incur expenditure in the public sector is......... ...