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What entry is made when selling a fixed asset?

+1 vote
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What entry is made when selling a fixed asset?
posted Jul 3, 2017 by Ati Kumar

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2 Answers

+1 vote

CASH/BANK A/C DR
TO FURNITURE A/C

answer Jul 29, 2017 by Richa Newatia
0 votes

When a fixed asset or plant asset is sold, the asset's depreciation expense must be recorded up to the date of the sale. Next,
1) the asset's cost and accumulated depreciation is removed,
2) the amount received is recorded, and 3) any difference is reported as a gain or loss.

answer Jul 4, 2017 by Swati Tyagi
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