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Accounting for Assets and Liabilities
Quick questions on Disposal of non-current assets explained: H2 Principles of Accounting
4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is the disposal account?Show answer
To remove an asset cleanly, a disposal account is opened and three transfers are made:
What is q1?Show answer
An asset cost \20\,000\ accumulated depreciation, sold for \3\,000$. Find the profit or loss. [2 marks]
What is q2?Show answer
State the three transfers made to the disposal account. [3 marks]
What is q3?Show answer
Explain why a profit on disposal arises. [2 marks]
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