[irenew]

Hi all, I can't balanced my trial balance after adjustment. Been trying for days. :confused:

Trial balance before adjustment as below:-
Capital ct 5000.00
Bank dt 10348.98
Cash on hand dt 175.00
Sales ct 162951.30
Purchases dt 115151.40
Salary dt 27600.00
Expenses dt 21957.34
Bank Charges dt 69.82
Commission dt 348.00
Depreciation dt 600.00
FA - F&Fittings dt 645.00
- Computer dt 2345.00
- Printer dt 726.00
- Laptop dt 2284.00
Accum. Dep. ct 1430.00
Debtors dt 7704.00
Opening Stk dt 2638.15
Retained earning ct 23211.39
Dt 192592.69 Ct 192592.69

Disposal of an asset
Laptop bought on June 2006, @ cost 2284.00, depreciation method 10% p.a
Laptop sold on July 2007 @ 2000.00
Depreciation till date of sold @ 266.46 (2284*10%/12mths*14mths)

How should I do the entries? Can someone help me? Thanks.
P/S: Any doubt, ask me or e-mail me [email protected]

[ROLCAM]

USING EXCEL IF POSSIBLE.
1) POST : Trial balance before adjustments.

2) CREATE : Three Journal Entries to portray re:
Disposal of an asset

3) POST : Number 2. above

4) SHOW US :- The New Trial Balance.

You must have a go in creating the Journal Entries.
Have a go yourself and show us.
We will help you correct what you do.

Rolcam.

[pready]

Is the Depreciation for the laptop up-to-date prior to the sale.

If it is, then the journal entry to record the sale is:
Debit Cash for 2,000
Debit Accumulated Depreciation for 226.46
Debit Loss on sale of asset for 57.54
Credit PP&E - Laptop for 2284