hi i need help with following question:
note: i am in grade 11 and this is a research assignment
THE QUESTION GOES AS FOLLOWS FOR 15 MARKS:
Q1: using practical examples of a fixed asset, you must clearly describe the 5 steps in sequence to determine whether the business has made a profit or a loss on the sale of an asset.
note:
1. assume that the asset was traded in during the year.
2. the account debit and credit must be given for each step.
3. tabulate the answers under the following columns(number,transaction, ac debit, ac credit.).
4. the correct amounts must be clearly shown
ANY HELP WILL BE HIGHLY APPRECIATED
THANK YOU please
note: i am in grade 11 and this is a research assignment
THE QUESTION GOES AS FOLLOWS FOR 15 MARKS:
Q1: using practical examples of a fixed asset, you must clearly describe the 5 steps in sequence to determine whether the business has made a profit or a loss on the sale of an asset.
note:
1. assume that the asset was traded in during the year.
2. the account debit and credit must be given for each step.
3. tabulate the answers under the following columns(number,transaction, ac debit, ac credit.).
4. the correct amounts must be clearly shown
ANY HELP WILL BE HIGHLY APPRECIATED
THANK YOU please