0
This is for any operational asset
Debits
New asset(fair value)
Accumulated depreciation(account balance of old asset)
Boot(cash received if any)
Loss(if any)
Credits
Old asset (Account balance, NOT BV)
Cash paid(if any)
Gain(if any)
Wiki User
∙ 14y ago
Wiki User
∙ 11y ago1. Sale of Fixed Assets a/c .......dr. to Fixed Assets
2. In case of gain on transaction:
Fixed Assets A/c. ........ Dr. to Profit on Sale of Fixed Assets
In case of loss on transaction:
Loss on Sale of Assets ..... Dr. to Fixed Assets A/c..
Add your answer:
Earn +20 pts
Where is the retirement of an asset recorded?
The "retirement" or "disposal" (as it's usually listed as) is recorded in a couple of different ways depending on how the asset is disposed of. One entry that will not change regardless of how the company disposes of the asset is the account related to said asset. For example, if the company is disposing of a truck, the one account entry that will not change will be Equipment-truck, this account will be credited for the balance. The fact that the fixed asset account has a debit balance, we now credit the account to bring it to a zero balance and remove the truck from our records. Company's may choose to dispose of, sale, or trade the fixed asset. Disposing of the fixed asset does not involve the exchange of money or another asset. Selling of the asset involves receiving cash for the asset. Trading involves receiving another asset in exchange for the asset the company is disposing of. This transaction will affect the balance sheet as it affects the assets of a company.
Journalize entries for Trade-in Of Old Fixtures For New Ones in accounting?
[Debit] New Fixture [Debit] Accumulated-Depreciation Old Fixture [Debit] Loss on sale of old fixture (if any) [Credit]Old Fixture [Credit]Cash/Bank [Credit] Profit on sale of old fixture (if any)
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
What is a word that starts with an 'A' and has to do with trade?
asset arbitrage
Is land used in a trade or business a Section 1231 asset?
yes....it is an asset and can be used in a trade/business if improved ie parking lot, or farming.
What are the causes of liquidity risk?
issues in which a party interested trading on asset cannot do it because nobody in the market wants to trade that asset.
If equipment priced at 130000 is acquired by trading in a similar asset at 8000 What is the cost basis of the new asset?
As trade-in value of old asset is 8000 which is deducted from price of new asset and actual cash paid to acquire new asset is 122000 so the base value for new asset will be 122000.
Which is more conducive to international trade the fixed or the floating exchange rate?
fixed rate
What was the greatest asset the europeans were to use in their conquest of the Indians?
European trade goods.
What was the greatest asset of the Europeans were to use in their conquest of the Indians?
European trade goods.
What is an intangible asset and give an example?
trade mark ,brand name ,patent ,,,,any service
What is asseted?
asset is something which can be changed into cash at any time.... eg: buliding, machine , computer ....etc. there are two kind ot asset ... 1) tangable ....which can be touch physically. and 2) intangable...which can be feels only lilke goodwill,patents, trade mark ....etc.
