Sale of Fixed Assets
This query is : Resolved
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.
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.
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.
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.
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!
Cheers!
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