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    drae1's Avatar
    drae1 Posts: 1, Reputation: 1
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    #1

    Dec 18, 2008, 10:07 PM
    Selling Fixed Asset
    How do I record a sold fixed asset in the general ledger?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Dec 20, 2008, 10:32 AM

    Before the sale you need to get your depreciation of the asset up-to-date.
    This journal entry is:
    Debit Depreciation Expense for the amount of depreciation for the asset
    Credit Accumulated depreciation for the asset


    Debit Cash for the amount received
    Debit Accumulated Depreciation for the amount of accumulated depreciation of the asset
    Credit the asset account for the cost of the asset that is on the company's books

    And the difference between these entries will either be Debited or Credited as a gain or loss on the sale of the asset.
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