journal to record a disposal

valentino46

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

burg

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

valentino46

thanks burg