When a fixed asset is disposed off, the accounting entries to write off the asset are Debit

Profit and loss account; credit asset disposal account

Asset disposal account; credit profit and loss account

Asset disposal account, credit asset account

Profit and loss account; credit provision for depreciation account

Correct answer is C

How to record the disposal of assets

No proceeds, fully depreciated. Debit all accumulated depreciation and credit the fixed asset.
Loss on sale. Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of assetaccount, and credit the fixed asset.
Gain on sale.

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