QUARRIES ABOUT SALE OF OLD FIXED ASSET ENTRY IN ACCOUNTING SOFTWARE

Sale  of  old   Asset  pass entry as follows 

Bank                                A/c    Dr 

Depreciation                    A/c    Dr 

Loss on Sale of  Asset    A/c    Dr 

 To   Asset                       A/c              Cr 

(  Being  sale of an asset  with loss  ) 

entry  for  loss transfer  to  P&L 

Profit  & Loss   A/c    

To Loss on sale of  Asset 

( Loss on sale transfer to P&L ) 

Note - if profit on sale of an asset  will be credited to P&L