Disposals/Sale of assets

keithy1978keithy1978 Feels At HomePosts: 36Registered
HI Guys,
an item is sold for 1500,
accumulated depreciation is 1000
part exchange is 350
loss on sale is 150
new item bought from the bank for 1000

to transfer to the extended trial balance adjustment columns:
cr asset (item) 1500
dr prov for depreciation 1000
dr disposals 150
dr asset item 350
cr bank 1000
dr asset item 350

does that make sense to anyone? is it correct?

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