Question

A loss on disposal of a plant asset is reported in the financial statements as a direct increase to the capital account on the balance sheet. as a direct decrease to the capital account on the balance sheet. in the Other Revenues and Gains section of the income statement. in the Other Expenses and Losses section of the income statement.

Answer 1

Answer:

in the Other Expenses and Losses section of the income statement.

Explanation:

Firstly, A loss on disposal of a plant asset is an expense.

therefore,

A loss on disposal of a plant asset is reported in the financial statements in the Other Expenses and Losses section of the income statement.