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Disposal of Non Current Assets

This accounting lesson dives into how to handle the disposal of non-current assets, specifically motor vehicles. You'll learn about the disposal account and how it interacts with the motor vehicle account, provision for depreciation account, and income statement. The video covers: Recognizing a gain or loss on disposal of a non-current asset The three main elements to consider when dealing with the disposal account: cost, accumulated depreciation, and proceeds from sale How to make journal entries for disposal transactions Using a disposal account to remove details of a non-current asset from the accounting records By the end of this lesson, you'll be able to determine whether you made a profit or loss when selling a non-current asset.