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rblum
Jul 15, 2006, 04:47 PM
How do you record the disposal of an asset when it has been partly depreciated and you didn't get anything for the asset. EX.

Furniture cost 8000
Accum Deprec 5000

:confused:
CaptainForest
Jul 15, 2006, 05:59 PM
Dr. Accum Deprec 5,000
Dr. Loss on disposal of asset 3,000
Cr. Furniture 8,000
rblum
Jul 15, 2006, 06:01 PM
What kind of account is the 'loss on disposal of asset' ?
CaptainForest
Jul 16, 2006, 09:43 PM
It would be an expense.

Deduct it from your net income.