Summary Grade 12 IEB Accounting Notes – Asset Disposal & Disposal Accounts

These concise and well-organized notes cover the important topic of Asset Disposal in Grade 12 IEB Accounting. This topic tests your ability to correctly account for the sale, scrapping, or trade-in of fixed assets and the related financial implications. Included in the notes: Explanation of asset disposal methods: sale, scrapping, and trade-in How to calculate profit or loss on disposal Steps to prepare disposal journals and ledger entries Treatment of accumulated depreciation during disposal Accounting for trade-in transactions Worked examples demonstrating clear, step-by-step calculations Common exam questions and practical tips for answering them Explanation of how asset disposal affects the financial statements Ideal for: Grade 12 IEB students preparing for exams and SBA tasks Learners needing clear examples and straightforward explanations Revision before prelims and final Accounting assessments These notes align with the IEB curriculum and provide a solid foundation to master asset disposal concepts confidently.