When accumulated depreciation is transferred to asset disposal account, Which of the following is correct?
Accumulated Depreciation Account Debit
Asset Disposal Account Credit
Both A & B
None of these
The correct entry would be:
The asset has an original cost of Rs. 10,000 and accumulated depreciation of Rs. 8,000. We want to completely eliminate it from the accounting records, so we credit the asset account for Rs. 10,000, debit the accumulated depreciation account for Rs. 8,000, and debit the _____ by _____.