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.

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.

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.

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

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/-

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.

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

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