I have an asset worth $222,000
Depreciated to date is $121,525

Balance to be depreciated is $101,000

However, the asset will be sold for $12,804

I am unsure of how to book the Net loss of the sale of the asset (222,007-accumulated deprec 121,525 - The sale of the asset 12,804)

How do I get the Asset, the depreciation off the balance sheet?

Could you help. Also typically where does the entry hit on the p&L does it go against revenue or under G&A expenses?

Dr. Accumulated Depreciation
Dr. Cash Received
Dr. Loss on Sale of Asset
Cr. Asset

It would be categorized in a "non-operating" section of your income statement. There is not set in stone rule for it, but it should not be grouped with the expenses that your day-to-day business incurs since this is not related to day-to-day activities of running your business.

It should b shown as an impairment loss in your P&L account with an amount of loss, unless u have previously charged any increase to Equity.

Quote:

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Originally Posted by marriam

it should b shown as an impairment loss in your P&L account with an amount of loss, unless u have previously charged any increase to Equity.

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You cannot charge an impairment loss for an asset you no longer retain.

Cr asset account
Dr asset disposal
Dr accum depreciation
Cr asset dispossal
Dr cash/bank account
Cr asset disposal
Balance the asset disposal account to identify profit/loss
In case of a loss
Cr asset disposal
Dr loss on sale of asset
Cr loss on sale of asset
Dr profit & loss account