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    rblum's Avatar
    rblum Posts: 6, Reputation: 1
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    #1

    Jul 15, 2006, 04:47 PM
    Je for disposing of asset
    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:
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Jul 15, 2006, 05:59 PM
    Dr. Accum Deprec 5,000
    Dr. Loss on disposal of asset 3,000
    Cr. Furniture 8,000
    rblum's Avatar
    rblum Posts: 6, Reputation: 1
    New Member
    		  
    #3

    Jul 15, 2006, 06:01 PM
    What kind of account is the 'loss on disposal of asset' ?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #4

    Jul 16, 2006, 09:43 PM
    It would be an expense.

    Deduct it from your net income.
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