I need to record a journal entry to record the sale of one of my business vans and am not sure of what the entry would be. The net book value on my books is 1857 and I sold the van for 1500 therefore incurring a net loss of 357. The entry that I think that I have to record is as follows:

Dr Cash 1500
Cr Accum Depr 1857
Dr Loss on sale of fixed asset on the P&L?? 357

Also I have recorded 5 months of Depreciation on this years books for this van, is there anything I need to do with this?


Also I need to record the payment of estimated quarterly taxes and am not sure how to handle this in Quickbooks or what the entry would be?

Any assistance you may be able to provide would be greatly apppreciated

Thanks
Jim

Entry to record sale:

dr. cash 1500
dr. accum dep 1857
Cr. Equipment (original cost)

* cr. Gain on disposal IF the dr. (cash+accum dep) exceeds the cr. (cost of equipment)

* dr gain on disposal IF cr. Exceeds dr.

The difference of cr. And dr. will be the gain/loss.

The gain/loss on disposal can be considred as a balancing figure to balance the entry.

Assumption
Original cost $15,000
Accumulated depreciation $13,143
Net book value ($15,000 minus $13,143 = $1,857)
Sale $1,500


Dr. Cr.
Cash $1,500
Accum Dep. $13,143
Gain/Loss Fixed Asset $357
Equipment original cost $15,000


Chelisimo