A loss on disposal of a plant asset is reported in the financial statements

A) in the Other Revenues and Gains section of the income statement.
B) in the Other Expenses and Losses section of the income statement.
C) as a direct increase to the capital account on the balance sheet.
D) as a direct decrease to the capital account on the balance sheet.

Financial Statements

Comprehensive reports created to communicate a company's financial performance and position during a specific period, often including a balance sheet, income statement, and cash flow statement.

Loss on Disposal

The monetary deficit experienced when selling an asset below its recorded value.

Income Statement

A financial statement that shows a company's revenue and expenses, resulting in a net profit or loss over a specified period.