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when fixed asset are sold and cash is received...receiving entry is cash to fixed asset account...

when fixed asset are sold and cash is received...receiving entry is cash to fixed asset account or cash to sales account

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Answer #1

Fixed asset sold general journal entry without depreciation is :-

Cash (Debit) xxx

Fixed (Credit)    xxx

Gain on sale of asset journal entry if include depreciation is:--

Cash  (Debit )   XXX

Accumulated depreciation(Debit) XXX

Fixed assets(Credit) XXX

Gain on sale of asset (Credit) XXX


Loss on sale of asset journal entry is:-

Cash  (Debit )   XXX

Accumulated depreciation(Debit) XXX

Loss on sale of asset (Debt) XXX

Fixed assets(Credit) XXX

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