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What is a judicial sale of your assets?

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Answered 2007-01-18 14:22:48

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.

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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..

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.

What is recoupment on sale of fixed assets?

annual provision made for the replacement of assets

What are proceeds from disposal of assets?

Proceeds from disposal of assets is equal to = Total cost of disposed assets- Accumulated depreciation related to assets disposed+ Profit on sale of fixed assets

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.

Why land is called fixed asset?

fixed assets are those assets which are not intended to sale. If we sell those assets then our business will not survive.

In a judicial sale of a house are you still responsible for any mortgage left on the property or is that foregone with the sale?


What is the main distinction between inventory and plant assets?

In accounting, inventory is considered a "for sale" asset, plant assets are not.

What is asset holdings?

non current assets held for sale

Are assets in a 401k in Florida protected from a foreclosure sale?


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.

Can an executor sell a property included in the assets of an estate?

That is the job of the executor. The sale of assets is one of the jobs.

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.

Do you depreciate an asset in the year of sale?

Yes assets are depreciated in year of sale upto the sale time in fiscal year of sale. IF asset is sold at start of year then there is no depreciation for that fiscal year.

What is the journal entry to record sale of donated assets?

[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx

What is replacement of fixed assets?

Replacement of fixed assets means to sale out the old assets and acquire a new one or replace old piece of asset with new one in exchange with same vendor.

What is asset restructuring?

Asset restructuring is the purchase or sale of assets that are worth more than 50% of a listed of a company's total or net amount of assets

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

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 aid of execution. The person against whom the lien is asserted is called to testify about his assets, and once the court discerns such assets, it can order property rights in such assets transferred to the judicial lien creditor to satisfy the judicial lien.Real property mortgage liens can be foreclosed by a lender-mortgagee to vindicate its rights as to a defaulted mortgagor. Chattel mortgage liens can be foreclosed under similar conditions of default.

What is Liquidation of Funds?

It means the sale of all assets of a fund and the distribution of the assets to all the share holders. This generally means shareholders were forced to sell at a time not chosen by them.

What is the journal entry for the sale of a corporation?

Debit cash /bankdebit liabilitiesCredit assets

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 StartedThe 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 of an asset purchase arrangement is that the buyer can avoid the seller's liabilities.This worksheet is designed for a sale of assets rather than a sale of ownership units. Any or all of the assets of the target business can be acquired through the use of this worksheet by selecting only those assets which are desired. This document will assist you in structuring the Sale of Business Assets Agreement by providing a list of the most important terms of the sale to be decided. The guide topics can be used as an educational tool regarding these issues.

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