The loss on sale of asset is debited to account.

reserves

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depreciation

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asset

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profit or loss

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Solution

The correct option is D profit or loss
The loss on sale of asset is debited to profit or loss account.
We 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 loss on sale of an asset is debited to

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