Journal entry for sale of asset in profit /loss
Answer Posted / damodar naidu
Asset value $50000
Sold for $5000
Total dep. for Asset is $40400
The entry will be:
Cash $5,000
Accumulated Depreciation $40,400
Loss of Disposal of Asset $4,600;
To Machines A/C $50,000.
Is This Answer Correct ? | 20 Yes | 3 No |
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