Journal Entries: Disposing/Selling Fixed Assets

[@shiradayan4254]

Actually awesome video! I couldn’t focus for a week in classes and now I’m all caught iup!

[@charleslaw4317]

Great content!

[@dianlestari8000]

How if the asset is trade in and you pay cash to the supplier?

[@accountinghelp]

Are you referring to nonmonetary exchanges?

[@vedsharma3672]

good explanation

[@rationale309]

LOVE YOU. PROBLEM SOLVED.

[@yolandacruz6121]

What is the journal entry if I sell 90% of my company and only keep a 10% interest in it???

[@ronstanley9638]

how to make journal entry recapture of capital cost allowance

[@kyragd2009]

Thank for the tutorial. Helped my Qs alot💞🎉

[@accountinghelp]

Always happy to help!

[@talebbagazi1435]

nice explaining, i want to ask you something about buying a new asset; for example, i want to purchase a truck cost $200k, what is the proper way to journalize it, then Capitaliez it? this is the journal for purchasing a new asset. Depit an asset(buying a truck) $200k Credit bank $200k how i capitalize it?

[@leonardrotich3625]

Purchasing part: Debit asset 200k and credit Supplier with same amount, upon payment debit supplier and credit bank/cash

[@kassimimbalwa6735]

thank you for tutorial, how do you report that in profit and loss account

[@daisymae9344]

Can I know what should I put the name on each transaction in T acc?

[@lucatintor4896]

Where is the sale for fixed asset for 210k which should be add to 40k gain that together offset cash 250k? Big confusion. Please advise.

[@accountinghelp]

Not quite. When we well the fixed asset, we record the entire cash that was received in the investing activities as a cash inflow. Any gain or loss should be recorded in the operating section (a gain would be a deduct, a loss would be a add).

[@lucatintor4896]

@@accountinghelp this is exactly what I was saying.

[@omarfagan9132]

Really help

[@tracialanisratilla7306]

Where do I need to record this transaction? In special journal or general journal?

[@Eccendentesiast.ja_]

General journal or ledger depending on the question I believe.

[@mohamedhaddad2777]

where is the customer journal entry and collecting the amount also

[@joannmartinez9233]

Calculating and post the adjusting entries: problem need to post one month of liability insurance should be recognized.6 month policy for cost $2030 paid immediately. I'm off and not sure what I've done.

[@accountinghelp]

Hi Jo Ann. Assuming that we debited the insurance to a prepaid account when we initially purchased it, then we would need the following entry to adjust for one month: Liability insurance expense Dr. 338.33 (2030/6) Prepaid liability insurance Cr. 338.33

[@huevob]

Don't you need to account for the revenue and the cost of the asset sold?

[@accountinghelp]

It sounds like you are thinking of inventory -- not fixed assets. If we were selling this equipment as an ordinary business transaction, then it would be accounted for differently.

[@huevob]

@@accountinghelp Thanks for the reply. I'm still thinking of fixed assets. When I'm selling an asset I still have to make an invoice for the asset sold, therefore recording a sale on the journal entries

[@fredericksmith919]

Seems like disposal of equipment should always end up as a loss. Great video😬

[@hashenilineapretty2841]

Ain't you suppose to account for vat output as you are selling the equipment???? 🙋

[@sammia1271]

This is not VATable as it was was not normal inventory for resale

[@raccoon874]

*don't you hate it when you misspell depreciation..*

[@patrickswayvy5524]

Stock exchange is more to what the beginner thinks it is gambling. I kept telling myself I will quit after one more but I couldnt because i made profit (but only on small amounts) and I lost a lot more in a week. Honestly, youd be needing more than a youtube video to face the market. Seek guidance from a Legitimate Brooker

[@accountinghelp]

I think you may have commented on the wrong video, Andy. This video is not about trading.