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    LennieWatts66's Avatar
    LennieWatts66 Posts: 1, Reputation: 1
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    #1

    Jun 12, 2009, 08:00 AM
    Sale of Asset
    How to record the sale of a completely decpreciated asset with a sale amount more than the original cost entered in the books?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Jun 12, 2009, 09:42 AM

    Debit Cash for the amount of cash received or Appropriate Receivable account for the amount due to you (or comibinaiton of)
    Debit Accumulated Depreciation for the Depreciation of the asset
    Credit Appropriate Asset Account for the cost of the asset
    Credit Gain on Sale of an Asset for the difference
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