journal to record a disposal

hi guys,

im having a complete blank with this assignment ive gone back to have a look at!

i need to prepare a journal to record the disposal of a fixed asset and the part exchange allowance provided, i cant blinkin remeber what i have to put where. Im sure of the first two entris but the rest have gone, gone, gone!!

tks

Comments

  • burg
    burg Moderator, FMAAT, AAT Licensed Accountant Posts: 1,441
    Disposals P & L..........................Dr X
    Asset disposal...........................Cr X
    Asset accum dep'n disposal..........Dr X

    Then the part exchange proceeds

    Asset additions.........................Dr X
    Disposals P & L.........................Cr X
    Regards,

    Burg
  • valentino46
    valentino46 Registered Posts: 124 ? ? ?
    thanks burg
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