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    Mother Hubbard's Avatar
    Mother Hubbard Posts: 1, Reputation: 1
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    #1

    Apr 30, 2012, 09:21 AM
    Sale of fully depreciated asset entry
    How to record the sale of a fully depreciated asset?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    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's Avatar
    9847731656 Posts: 1, Reputation: 1
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    #3

    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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