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How does the sale of a fixed asset affect financial statement

Asked Oct 27, 2006, 11:08 AM — 2 Answers
Am struggling with how to post an entry on the sale of a fixed asset-if the asset was purchsed for 50,000 and there is still 25,000 owed on it and I have sold it for 40,000 how do I post this and what accounts are affected-is this only a balance sheet issue or does it affect an income account since I only owe 25,000 and am gaining 15,000?

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smmdyusuf's Avatar
smmdyusuf Posts: 1, Reputation: 10
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#2

Jul 12, 2010, 06:10 AM
Owed means? Loan or depreciation.
Write me smmdyusuf@gmail.com
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morgaine300's Avatar
morgaine300 Posts: 6,564, Reputation: 1464
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#3

Jul 18, 2010, 04:44 AM
Smmdyusuf, please do not invite people to email you privately for answers to their questions. Unless there is a possible pirvacy issue at stake, all answers are to be shared with the community.

Not to mention that the thread is 4 years old and I doubt the poster cares anymore.
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