Asset Disposal (Fixed Asset Realisation) Explained with T Accounts Example

This lesson explains what asset disposal (Fixed Asset Realisation) is and how to record the disposal of an asset using the T Accounts (Asset Account, Accumulated Depreciation Account, and the Asset Disposal Account / Fixed Asset Realisation Account).
Asset Disposal Journal Entries | Steps with Examples: • Asset Disposal (Asset ...
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Asset Disposal | Trade-In Example: • Asset Disposal (Fixed ...
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[@Counttuts]

Good day, thank you for the kind feedback, much appreciated.

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it is indeed very helpful

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😊😊0

[@hichsonmcthebe9669]

Maybe the best accounting lessons on KZbin. Thank you Sir.

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I am not by any means an accounting genius, and I found this clear and easy to follow. Everything made sense. Thank you!

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The way you explain and illustrate... absolute legend!

[@stardustangel7115]

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[@BeingBabalwa]

id dont usually comment on videos but i just had to on this one,my lecturer has been teaching this for like two weeks now and this is literally the first time i understand anything to do with depreciation or asset disposal,thank you so much😇

[@hazeldube-bj5hx]

Thank you very much you have made life easy for me ❤I couldn’t understand this part but now it’s crystal clear…

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Thank you sooo much i finally understand after soo many mistakes i made i thought this was hard till i watched this video i can't thank you enough, this was really helpful

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❤ so easy to understand thank you I was really having difficulties in accounting

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I really love your videos. Very easy to understand. Thanks a lot for the good job!

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Thank you so much you are a life saver I’m writing my test tomorrow at 3 I hope I will remember your lesson 🙌

[@Counttuts]

Best of luck!

[@fatimaeve290]

Please do a video for the note(note 3) And another example but this time with assets bought during the accounting period

[@HebrewIsraelite6737]

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[@kyledarleywaddilove2973]

Great explanation helped so much, keep at this it is much needed!!

[@Counttuts]

Thank you Kyle. Appreciated.

[@sasthirabeebaasoo4617]

Absolutely helpful and well explained! Please can you do a liquidation account

[@Tshiamo_Setshedi]

Absolutely lovely refresher..

[@tilanavanschalkwyk2475]

Love your videos. Please do a video accrual concept and matching and prudence. Much appreciate your help! Thanks a lot

[@patlophamotse5836]

Thank you so much, I'm writing acc tomorrow.

[@davidChibwe-pp8fi]

Sir the same way you have explained the diminished balance method help us to explain straight method. Thank you are really helping me

[@l.muwuyamuwuya9326]

Excellent explanation. Thank you

[@AlemaRonald-ds1vv]

This is wonderful

[@enhleteboho]

thank you really helped me but i have this exercise Printer bought 1 June 2018 for 90 000 was sold for cash on 31 august 2021 at carry value. A new printer was bought for 120 000 on 1 September 2021 Depreciation on equipment is written of at 20% per annum 1. calculate accumulated depreciation and carry value for the disposal of the printer 2. calculate depreciation on equipment 3. Assets disposal on the printer.

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[@nafeessachachia7322]

You explain it really well. However, I thought the 73,440 would have been a debit as it is money in the bank as it is a sale. Bank would be credited if it was a purchase..... ?

[@drbailey9349]

Thank you so much, will definitely share it with my friends

[@Counttuts]

Much appreciated.

[@mpilo_mhlongo]

Thank you so much. Can you please do an example where there is 2 equipment Assets. Where the other equipment is sold and one is not sold

[@amarbenpatel8746]

This video is very good useful for explaining

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[@Counttuts]

Thank you :)

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i think is indian

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Of course it is, he's using Rands 😂

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Great, you r rit bruh ! I think too 😅

[@Just.Thandoo]

Lesson was very helpful thank you

[@abookishworld1]

this video was helpful. do you have any videos about the profit/loss on sale of asset? I'm really struggling with that :(

[@luqmaanr5965]

Great video Helped alot

[@fatimaeve290]

This video was great👍🏽!!

[@VanessaGatsheni-kn8id]

Thank you so much it was helpful

[@LuyoloxSofuthe]

this really helped.thank you

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This video is helpful 🙏

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thankyou. from Namibia

[@Counttuts]

You are welcome :)

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This helped so much! thank you!!! My lecturer just doesn't teach us :(

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[@Counttuts]

Thank you for the support.

[@bumblebeess9515]

Do you have an example of this on college level? I know this from highschool but in college they dont show it to us this way and its so frustrating

[@noraisharaquelnaidoo6962]

Please do profit on sale of asset and Profit & loss acc with the assets disposal account

[@buyisiwelucia9582]

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[@Counttuts]

You are welcome :)

[@princekolbe]

Thank u.. you explain it better than my teacher

[@PictorialVibes]

Thank you so much.

[@hadihashi5495]

Thanks 😍

[@nthabisengmthombeni4170]

Thank you sir

[@Eagle-nt8zb]

Genius 🤞🏾❤️

[@jadepivacic5205]

Very helpful

[@GUYJOSUA]

thanks bro helpful .what about the gain or lost on disposal

[@Counttuts]

The asset was sold at carrying values, so no profit/loss on disposal. See this lesson on that: kzbin.info/www/bejne/hmmbXqWVebN8sLs

[@saumaanchughtai7008]

Very helpful 👌

[@bikithembasirayi]

how do you calculate whether the business has made a profit or loss on the disposal of asset?? please help

[@herestomydownfall]

I went to an FNB atm and when depositing cash it asked for source of the funds. I saw "asset disposal" as one of the reasons. In this case does that just mean I got the cash from something that I owned and sold?

[@sheldonstanley8002]

Great video

[@Counttuts]

Thank you

[@Girl-on-fire]

Thank you!

[@minnemuse26]

muy bien

[@suzanmoepshe]

So if the equipment was bought on credit what would the details say

[@OratilweMoagi-nq8hp]

What happens if there is more then one equipment sold for example if they sold a vehicle and equipment and a building

[@phumzileportia9514]

very helpful!

[@bupelodube7683]

dankie bafo ... this was truly helpful and understandble. thank you once again.

[@yungmsa]

lifesaver

[@Mmanare._]

Can you please do a asset disposal account that includes a fixed asset note

[@Counttuts]

Check this one out: kzbin.info/www/bejne/r3-so4GOpcyEr8k

[@slueyleft5734]

What if a new asset was brought should we record it on equipment and accumulated general ledger?

[@blessingbee661]

Thank u soo much ❤️🥰🥰

[@EmsyMakhubela]

Thanks

[@Counttuts]

Welcome

[@SivuyiseMankomo]

If the asset is traded in how are we going to record on T account of Asset Disposal

[@happylife-te6qk]

I need help..so what if we were told that the depreciation rate was calculated using straight line method how can we find the depreciation for the current period given the same question

[@clint0219]

Thank You .

[@Counttuts]

You are welcome.

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[@collinsmamadumetja1000]

can yu please make calculatios of assets disposal with more than equipment amounts

[@sitwalaomen4857]

how do we dispose an asset with a life span of a year and some months? please help on that.

[@goitseonemohutsiwa294]

thanks for such a presentation

[@Counttuts]

Anytime. Thanks for the feedback.

[@luciammoledi2174]

Hi I now understand, how can I get the straight line calculations

[@Counttuts]

Hello, do you mean the straight-line depreciation method? If so, here it is kzbin.info/www/bejne/iXWVZWufltufick

[@reshmeet3919]

Instead of Bank what account would you use if sold on credit

[@babaabofc6522]

Debtors control

[@nelsonmugari2039]

so what is the profit or loss on disposal

[@Counttuts]

Hello Nelson, in this lesson, the asset was sold at carrying value so there was no profit or loss. We will be uploading a tutorial where there was a profit and another where there was a loss soon.

[@Counttuts]

Here is an example on that: kzbin.info/www/bejne/hmmbXqWVebN8sLs

[@AngelMabasa-j2h]

❤❤❤

[@kok_dri]

Hy why is the details for how much we sold it Bank when they said it was sold for cash

[@Achieveherglow]

danko .

[@tinotanics]

Why was the bank credited when the asset was sold for cash.

[@jacobphiri1944]

Wow

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Iove u!!! Mwuah mwuaj mwuah 😅

[@Counttuts]

Good day, glad we could help. Thank you for the feedback.

[@patrickswayvy5524]

hi great video, informative stuff. how can i get fully engaged in stock marketing? im making very little progress a.k.a losing money HELP. thank you

[@Counttuts]

Hello, thank you for the feedback. You can contact us at [e-mail] with regards to that.

[@renierkoekemoer2638]

Why is bank moved to the credit side

[@Counttuts]

Please revisit out lessons on the general ledger. It will help you understand.

[@yolandacruz6121]

What if Company A owns Company B and Company A sold 90% of Company B to someone else? Company A - DR notes receivable CR Owners equity? Company B - Debit Owners Equity CR Notes payable to Company A???

[@Counttuts]

Good day, due to the volume of requests for help regarding student specific questions, we are not able to address them on this platform. However, you can request a session at reasonable rates with us at [e-mail] to address your challenges with the subject.

[@asandazondi7038]

why do we use the diminishing balance method?

[@Counttuts]

Hello Asandi, it is because the question indicated that the equipment is written off according to the diminishing-balance method.

[@asandazondi7038]

@@Counttuts ohhhh. thank you. is it generally always indicated?

[@Counttuts]

@@asandazondi7038 That's correct, it should be clear as to which method is used. Check out our video on that if you haven't already; kzbin.info/www/bejne/iXWVZWufltufick

[@juliamafahla3355]

Thank you very much

[@Craz3clipz]

I still don't understand Accounting is freaking hard😭

[@ikokobetsengkekana1881]

What if stock was stolen and not sold

[@Counttuts]

Hello there, if stock was stolen, you would have a debit to Cost of Goods Sold and you would credit the Stock. Hope this helps.

[@Mmanare._]

@@Counttuts I don't understand

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Pov you’re writing a trial exam tomorrow 🤣

[@laantsino1394]

Your recording volume is so low on this.

[@mohsinkamal2638]

The following info relates to FA of a co. Cost at 01-04-2002 32,000 Acc dep at 01-04-2002. 13,600 FA purchased in yr ended 31-03-2003. 7000 Dep exp for yr ended 31-03-2003. 4,200. Dep is calculated on red bal basis @ 30%. What was net BV of assets disposed of in year ended 31-03-2003? A) 11,400 B) 16,800 C) 18,400 D) 25,400. Please help with detail workings.

[@Counttuts]

Good day, thank you for your support, due to the volume of requests for help regarding student-specific questions, we are not able to address them on this platform. However, you can request a session at reasonable rates with us at [e-mail] to address your challenges with the subject.