Fixed Asset Disposal Entry
This is to maintain a disposal value for assets being disposed, so that Gain/Loss on Asset Disposal Report can be produced.
First of all, go to G/L > Fixed Asset Disposal Entry
Click on New
Select fixed asset account, assign transaction date, key in description and disposal value:
Click on OK.
Secondly, create a journal entry for depreciation asset.
Dr Depreciation 14400
Cr Accumulated Depreciation 14400
Thirdly, go to G/L > Gain/Loss on Asset Disposal Report
Click on Inquiry
The report shows that in this disposal:
Cost value of Motor Vehicle = 70,000.00
Accumulated Depreciation = 14,400.00
Disposal value (sold for) = 50,000
Loss in Disposal = 5,600.00
And now you may complete the Journal Entry with these information.
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