Journal entry for sale of asset in profit /loss
Answers were Sorted based on User's Feedback
Answer / 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 |
Answer / chakrapani
Customer a/c is debited
ACC.dep a/c is debited
asset clearing a/c debited
profit/loss a/c is debited
sale of asset is credited
asset clearing a/c is credited
profit/loss a/c is credtied.
Is This Answer Correct ? | 4 Yes | 2 No |
Answer / chakrapani
Customer a/c is debited
ACC.dep a/c is debited
asset clearing a/c debited
profit/loss a/c is debited
sale of asset is credited
asset clearing a/c is credited
profit/loss a/c is credtied.
Is This Answer Correct ? | 3 Yes | 2 No |
Answer / meeravali
Customer a/c Dr 500000
Depreciation a/c Dr 50000
To Accumulated dep 50000
To Profit on asset sale 50000
To Asset a/c 450000
Is This Answer Correct ? | 3 Yes | 3 No |
Answer / ramesh basavani
1.asset clearing a/c Dr 100/-
Accumulated Depreciation Dr 50/-
Revenue/Expenses on asset Dr (if applicable) 20/- Revenue
Sale of Asset Cr 150
Profit/loss on sale of asset Cr 20/-
2. Customer a/c Dr 100/-
Asset Clearing a/c Cr 100/-
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / chakrapani
Customer a/c is debited
ACC.dep a/c is debited
asset clearing a/c debited
profit/loss a/c is debited
sale of asset is credited
asset clearing a/c is credited
profit/loss a/c is credtied.
Is This Answer Correct ? | 1 Yes | 3 No |
Answer / chinnareddy
Hi,
Sale of asset with customer T.code: F-92.
customer account Dr 300000
accumulated dep a/c Dr 2500
revenue on sale of asset a/c Dr 300000
To sales account 300000
To fixed asset( building) a/c 300000
To profit or loss on sale of asset 2500
Is This Answer Correct ? | 2 Yes | 7 No |
Tell me some important tickets in fico?
can any one explain me BDC process. with clear steps
1 Answers GM, Google, Infosys,
Explain asset class
Payments when remitted to foreign bank (seller's) by indian bank for(buyer), the buyer's bank deduct with holding tax from foreign remittance, actually who is liable to pay the with holding tax, (buyer or seller)?
What is the process to Create Account Assignment Group? How it is going to affect other modules and where shall I update / configure in other modules. Also convey precautionary measures during its customization.
What is senario of business area
While running the F110 the payment method was not picking to the payment, I assigned payment method to vendor master also, even though it is not picking, please help out me
how the Electronic bank statement will update ? will they use any other interface ? can u explain clearly ?
Is it possible to configure the system to pick up a different exchange rate type for a particular transaction?
What is the use of account payable in fi?
How do you take the balances onto fixed asset reconciliation accounts during data take-on?
In sap how input and output taxes are taken care?