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Mother Hubbard
Apr 30, 2012, 09:21 AM
How to record the sale of a fully depreciated asset?

pready
Apr 30, 2012, 10:52 AM
Debit Cash for the amount received
Debit Accumulated Depreciation for the amount of depreciation accumulated by the asset
Credit the asset for the cost of the asset
And either a Debit to loss on the sale of the asset or a Credit for gain on the sale of the asset

9847731656
Jul 17, 2012, 05:44 PM
Practically:

Dr. Cash Rceived
Dr. Loss on the Sales of Asset (B/F)
Cr. Net value of asset at the time of sales
Cr. Gain on the sales of Asset (B/F)



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