New assets purchased journal entries

Hi Accounting entry will be as below

1 when u purchase new machine 

Machine A/c Dr 

Input duties & Taxes A/ c Dr 

To Supplier or Bank 

Before Selling First you should book the Depreciations if machine is been used  for that  entry will be as below

Depreciations on Machinery A/c Dr 

To Accumulated Depreciations Machinery 

When you sale it if Loss on sale of Machine entry will be as below

Bank A/c Dr

Loss on Sale of Machine A/c Dr

Accumulated Depreciations Machine A/c Dr

To Machine 

When u sale if profit on sale of Machine entry will be as below

Bank A/c Dr

Accumulated Depreciations Machine A/c Dr

To Machine

To Profit on sale of Machine