Web Results

How do I record the disposal of assets? - Questions & Answers ...

www.accountingtools.com/questions-and-answers/how-do-i-record-the-disposal-of-assets.html

Feb 17, 2013 ... An asset disposal may require the recording of a gain or loss on the ... is fully depreciated, ABC gives it away, and records the following entry.

gain on sale of asset – Accounting In Focus

accountinginfocus.com/tag/gain-on-sale-of-asset/

Typically, when we think of long-term assets, we think of buildings, land and ... If we were writing a journal entry to record depreciation, we would debit ...

What entry is made when selling a fixed asset? | AccountingCoach

www.accountingcoach.com/blog/asset-disposal-entry

When a fixed asset or plant asset is sold, the asset's depreciation expense must be ... received is recorded, and 3) any difference is reported as a gain or loss. ... will credit Accumulated Depreciation for $400 in order to record the depreciation  ...

Disposition of Depreciable Assets - CliffsNotes

www.cliffsnotes.com/study-guides/accounting/accounting-principles-i/operating-assets/disposition-of-depreciable-assets

Depreciable assets are disposed of by retiring, selling, or exchanging them. ... Any recognized losses or gains associated with the disposition are recorded in a ... account to record the cost of forklifts, the journal entry to record this dissimilar ...

How to record sale of an asset with a loan balance being paid by bank

community.intuit.com/questions/922426-how-to-record-sale-of-an-asset-with-a-loan-balance-being-paid-by-bank

journal entries for the full amount in the account. debit accumulated depreciation credit gain loss debit gain loss credit asset account. debit loan account

Disposal of Fixed Assets | Journal Entries | Examples

accountingexplained.com/financial/non-current-assets/disposal-of-fixed-assets

Disposal of fixed assets is accounted for by removing the cost of the asset and the related accumulated depreciation from balance sheet, ... At the time of expiry, i.e. 31 December 2012, Company A shall record the derecognition/disposal as follows ... $0.2 million) so a gain is to be recognized using the following journal entry: ....

How to Record a Journal Entry for a Sale of Business Property ...

smallbusiness.chron.com/record-journal-entry-sale-business-property-42433.html

You also record the gain or loss you realized from the sale, which equals the ... Debit the accumulated depreciation account in the same journal entry by the amount ... Credit the appropriate asset account for the type of property you sold by the ...

Disposal of Fixed Assets - What are the Journal Entries? | Double ...

www.double-entry-bookkeeping.com/fixed-assets/disposal-of-fixed-assets/

Jul 11, 2013 ... How do you record the disposal of fixed assets in the following situations. ... Net Book Value = Original Cost – Accumulated Depreciation ... The disposal of fixed assets journal entry would be as follows: ... The account is sometimes called the disposal account, gains/losses on disposal account, or sales of ...

Fixed Assets Journal Entries | Double Entry Bookkeeping

www.double-entry-bookkeeping.com/fixed-assets/fixed-assets-journal-entries/

Aug 15, 2013 ... A quick reference for fixed assets journal entries, setting out the ... Journal entry to record depreciation ... Gain on sale of asset journal entry ...

How to Calculate Depreciation Expense — Oblivious Investor

www.obliviousinvestor.com/how-to-calculate-depreciation-expense/

Jul 7, 2010 ... We make the credit entries to Accumulated Depreciation rather than ... Have a record of how much the asset originally cost, and; Have a record of how much depreciation has ... than the asset's net book value, a gain must be recorded on the sale. ... debit or credit is needed to make the journal entry balance.

Answer
How to Adjust Journal Entries for Gains on the Sale of a Depreciated Asset
Some assets steadily lose value as you use them, decreasing until the day you dispose of them, usually with a write-off in the form of a journal entry assigning the total value of the asset as depreciation expense. In some cases, though, you may realize... More »
Source: www.ehow.com
More Info

Fixed Asset Disposal Accounting - AccountingTools

www.accountingtools.com

How to account for the gain or loss on a fixed asset disposal | Calculation | Formula ... If the asset is fully depreciated, then that is the extent of your entry.

How to Record Closing Entries on the Sale of a Capital Asset | The ...

thefinancebase.com

In the process, you create a separate account -- the "Gain/Loss on Sale of Asset" ... Make a journal entry to account for the asset's "Accumulated Depreciation" up ...

Example of Gain or Loss on the Sale of Fixed Assets

www.csun.edu

Example of Gain or Loss on the Sale of Fixed Assets and the Cash Flow Statement ... You will make entries that zero-out the Equipment and Accumulated Depreciation accounts (since they will no ... These Journal entries will look like this:.