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    LeahMarina's Avatar
    LeahMarina Posts: 2, Reputation: 1
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    #1

    Mar 31, 2014, 06:05 PM
    What are the jounal entries for assets and liablilites? Assets have accum deprec.
    Business closed 2013
    Assets are 3,000 of accumulated misc. items i.e. curtains, small appliances, etc. which are kept for personal use or abandoned due to no worth. There is $700 of accumulated depreciation also.
    Liabilities are loans from shareholders and pennies in taxes accounts.
    Equity is Member Draw, Member equity & Net Income.

    I don't know how to handle these entries and zero out accounts (1st time business, it's a LLC).
    Thank you, Leah-Marina
    sgupta2014's Avatar
    sgupta2014 Posts: 2, Reputation: 1
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    #2

    Apr 19, 2014, 06:50 PM
    If you have assets worth of $3k with accumulated depreciation and you're scraping them, below is an entry:

    DR Acc Depr. $700
    DR Loss on disposal $2,300
    CR Asset $3000
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