yes
[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx
If it is the business of the company to create / manufacture the asset and sell then the asset would be the inventory.If it is not the normal business of the entity to create / manufacture then it would be classified as the sale of the asset / machine / etc. depreciation may also be applicable...
account receivable
Gain on sale of asset is occured when actual value of asset is less then the sale value of asset.
Sale of assets reduces the asset account as well as accumulated depreciation account while increases the cash or bank account
yes
cr asset account for cost price dr accumulated depreciation for asset depreciation cr asset sale account dr/cr profit/loss on asset account
Loss on sale of asset reduces the actual profit of company that's why it is a part of income statement and shown as an expense to business.
[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx
If it is the business of the company to create / manufacture the asset and sell then the asset would be the inventory.If it is not the normal business of the entity to create / manufacture then it would be classified as the sale of the asset / machine / etc. depreciation may also be applicable...
account receivable
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.
Gain on sale of asset is occured when actual value of asset is less then the sale value of asset.
[Debit] Accululated Depreciation xxxx [Debit] Loss on disposal of asset xxxx [Credit] Asset account xxxx Entry 2 [debit] Profit and loss account xxxx [Credit] Loss on disposal of asset xxxx
does information and communication technology affect stock control in the management of sale trader
An account used to record the disposal of an asset or assets and to determine the profit or loss on the disposal. The principle of realization accounts are that they are debited with the book value of the asset and credited with the sale price of the asset. Any balance therefore represents the profit or loss on disposal.