WAEC Accounting 2012 Objective — Question 50
Question 50 of 50 from the West African Examinations Council (WAEC) Accounting 2012 Objective paper, with the correct answer and a full explanation.
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A loss made on the disposal of a fixed asset is debited to
- A. Sales Account
- B. Purchases Account
- C. Profit and Loss AccountCorrect
- D. Capital Account
Explanation
Profit on disposal is recorded on the credit side while loss on it is recorded on debit side of the profit and loss account.
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