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A-LevelAccountingAccounting for non-current assets9706/12 · Oct/Nov 2015 · Q51 Mark

A trader prepares a disposal account. On which sides do the cost of the asset and sale proceeds appear?

Acost of the asset: credit, sale proceeds: credit
Bcost of the asset: credit, sale proceeds: debit
Ccost of the asset: debit, sale proceeds: credit
Dcost of the asset: debit, sale proceeds: debit

✓ Correct answer

C: cost of the asset: debit, sale proceeds: credit

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About this question

Topic
Accounting for non-current assets, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source
A-Level Accounting, Oct/Nov 2015 Paper 1 Variant 2, question 5.

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