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:
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:
Dr. Accum Deprec 5,000
Dr. Loss on disposal of asset 3,000
Cr. Furniture 8,000
What kind of account is the 'loss on disposal of asset' ?
It would be an expense.
Deduct it from your net income.
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