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Sale of Fixed Assets

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(Querist)
16 January 2010 hi,

What should be the accounting entry(considering the purchase cost & accumlated depreciation) for sales of fixed asset.

for eg . we have sale one asset & we received some money from it.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
16 January 2010
If the sale is in profit
Dr.CASH/BANK a/c
Dr.Acc.Depreciation a/c
Cr.Profit & Loss a/c
Cr.Fixed Asset a/c.

If the Sale is in loss

Dr.CASH/BANK a/c
Dr.Acc.Depreciation a/c
Dr.Profit & Loss a/c
Cr.Fixed Asset a/c.
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Randeep Singh

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Randeep Singh (Expert)
17 January 2010 Just to add one point to Ramesh's reply that Fixed Asset account has to be credited with Cost of asset.

Cheers!
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