Which of the following account will be credited for profit on sale of fixed assets?

Depreciation Account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Cash Account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Fixed Asset Account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Profit and Loss Account

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is C Profit and Loss Account
When a fixed asset is sold at a profit then the account to be credited will profit and loss account.

Suggest Corrections

Similar questions

Which of the following is a credit to profit & loss appropriation account?

Join BYJU'S Learning Program