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-   -   Je for disposing of asset (https://www.askmehelpdesk.com/showthread.php?t=29547)

  • Jul 15, 2006, 04:47 PM
    rblum
    Je for disposing of asset
    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:
  • Jul 15, 2006, 05:59 PM
    CaptainForest
    Dr. Accum Deprec 5,000
    Dr. Loss on disposal of asset 3,000
    Cr. Furniture 8,000
  • Jul 15, 2006, 06:01 PM
    rblum
    What kind of account is the 'loss on disposal of asset' ?
  • Jul 16, 2006, 09:43 PM
    CaptainForest
    It would be an expense.

    Deduct it from your net income.

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