It is the sale of goods and/or property owned by the judgment debtor. The sale is conducted by an officer of the court (usually a sheriff) to satisfy a creditor judgment or in conjunction with some other type of court order.
What are the journal entries for fixed asset sale?
1. 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.. ...
Asked in Business & Finance
What is sale of fixed assets?
Fixed assets are the assets of business concern. The value of these assets, except land, gets depreciated year by year and the allowance of such depreciation is availed for tax exemption purposes on a regular basis. When such the assets are sold for a consideration, it is called the "sale of fixed assets" and the gain / loss on sale of such assets is assessed based on the written down value as on the date of such transaction. ...
Asked in Business Accounting and Bookkeeping
Can you take a loss on a sale of a business asset?
Yes loss on sale of business assets is a normal things and mostly for obsolete business assets are sold on loss. ...
What are the Journal entries for a sale of subsidiary?
There are several important journal entries for the sale of a subsidiary. These include: Fixed assets, current assets, current liability, deferred tax liability, and goodwill. ...
Is the sale of a company's assets taxable for city income taxes to the business selling the assets?
Depends on the city's tax code.
Asked in Financial Statements
Why sale of assets is known as revenue and sale of goods is not?
No, sales of goods is known as revenue because goods are maintain for the purpose of sales that's why it is called revenue while assets are maintained to use for the working of operation of business so if assets are sold then amount received from it is not called as revenue. ...
2 Revenues represents a. an outflow of assets resulting from the sale of goods or services b. assets received from selling products or services c. assets used or consumed in selling products or?
assets received fro selling products or services
Asked in Liens, Property Law
How can a lien holder foreclose on property?
Real property is often the subject of judicial liens, because it is easily ascertained as an asset held by the subjects of judicial liens. A judicial lien creditor can foreclose a judicial lien and obtain ownership of both real and personal property whose existence can be discerned and which is owned by the subject of the judicial lien or who has other property interests in it, to satisfy the judgment asserting the lien. Judgment liens or judicial liens are foreclosed through proceedings in...
Asked in DIY Projects
How do you convert noncurrent assets into assets?
since noncurrent assets are fixed assets and current asset are business properties tend to be used within a years period example machinery a business can put their properties on sale example they can rent them out as hire purchasing from them the business gets money ...
Sale of Business Assets Worksheet?
Get Started The purchase of a business requires an initial decision about whether to buy (a) the ownership units of the business entity (such as corporate "stock," limited liability company "units," or partnership "interests") or (b) the individual assets of the company. A purchase of the ownership units is easier because only the units change hands, avoiding the need to transfer each of the individual assets, and further avoiding the need for consents from third parties, such as a lessor. However, the attractiveness...
Asked in Foreclosure
What is the foreclosure law in Utah?
Utah law allows for both judicial and non-judicial foreclosure. In the former, a judge issues the order for foreclosure. In the latter, a judgment is not necessary; a power of sale clause is included in the mortgage contract that allows for the sale of the property by the lender to recover ...
Asked in Economics
What are the advantages and disadvantages of selling assets?
advantages of assets:- 1)old assets sales profits 2)that's not working old assets that's way sale 3)more profit and deprecation less disadvantages of assets 1)old is gold that's way loss 2) less profit and 3)selling the old loss of industries ...