Correct the following statement and rewrite the statement. Profit on sale of the asset is credited to an asset account. - Book Keeping and Accountancy

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One Line Answer

 Correct the following statement and rewrite the statement.

Profit on sale of the asset is credited to an asset account.

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Solution

Profit on sale of the asset is debited to an asset account.

Concept: Depreciation
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Chapter 7: Depreciation - Exercises [Page 243]

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