A-LevelAccountingAccounting for non-current assets9706/12 · Oct/Nov 2013 · Q201 Mark

A vehicle is sold for $1500. It cost $5000 and $3000 depreciation had been provided. Which entry is needed to close the disposal account? debit $ credit $

Adisposal account 500 income statement 500

Bdisposal account 3500 income statement 3500

Cincome statement 500 disposal account 500

Dincome statement 3500 disposal account 3500

✓ Correct answer

C: income statement 500 disposal account 500

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Accounting for non-current assets and see which topics are most likely to come up next.

About this question

Topic: Accounting for non-current assets, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2013 Paper 1 Variant 2, question 20.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

A vehicle is sold for $1500. It cost $5000 and $3000 depreciation had been provided. Which entry is needed to close the disposal account? debit $ credit $

✓ Correct answer

Practise more questions on this topic

About this question

Related Accounting questions