A furniture purchased 4 years ago by a company for RO 1500 has increase in its...

 

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A furniture purchased 4 years ago by a company for RO 1500 has increase in its value and can be sold for RO 5000, Which one of the following is a true statement for accounting treatment for fixed assets? Select one: O a. Gains must be recognized before there is a sale or exchange O b. There is no need for a journal entry until the furniture is sold O c. Loss is not recognized when there is a sale of furniture O d. Prepare a journal entry to recognized the increase in value A furniture purchased 4 years ago by a company for RO 1500 has increase in its value and can be sold for RO 5000, Which one of the following is a true statement for accounting treatment for fixed assets? Select one: O a. Gains must be recognized before there is a sale or exchange O b. There is no need for a journal entry until the furniture is sold O c. Loss is not recognized when there is a sale of furniture O d. Prepare a journal entry to recognized the increase in value