Fixed Asset Disposal Entry

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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:


FAD1.png


Click on OK.

Secondly, create a journal entry for depreciation asset.


FAD2.png

Dr Depreciation 14400

Cr Accumulated Depreciation 14400


Thirdly, go to G/L > Gain/Loss on Asset Disposal Report

Click on Inquiry


FAD3.png


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.

Journal Entry:


FAD4.png

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