0
Add your answer:
Earn +20 pts
How do you calculate disposal of fixed assets?
[Debit] Accumulated depreciation [Debit] Loss on disposal (if any) [Credit] Asset [Credit] Profit on disposal (if any)
What is realization account?
An account used to record the disposal of an asset or assets and to determine the profit or loss on the disposal. The principle of realization accounts are that they are debited with the book value of the asset and credited with the sale price of the asset. Any balance therefore represents the profit or loss on disposal.
Where does disposal of motor vehicle go in an income statement?
Disposal of motor vehicle is not shown in income statement rather proceeds goes to balance sheet any loss or profit on disposal is shown in income statement only.
What are proceeds from disposal of assets?
Proceeds from disposal of assets is equal to = Total cost of disposed assets- Accumulated depreciation related to assets disposed+ Profit on sale of fixed assets
What is the journal entry to write of an asset that is not completely depreciated?
[Debit] Accumulated Depreciation [Debit] Cash (If any) [Debit] Loss on disposal (if any) Credit Asset Credit Profit of disposal of asset (if any)
Is net gain the same as net profit?
No, Net profit is always from revenues from operating activities while net gain can be from any transaction for example from sale or disposal of old fixed asset etc.
What is the journal entry to remove a vehicle that is traded in before it is fully depreciated?
[Debit] Accumulated depreciation [Debit] New Asset [Debit] Loss on disposal (if any) [Credit] Old asset [Credit] Profit on disposal (if any) [Credit] Cash paid (if any)
What is the journal entry to record fixed asset disposals?
[Debit] Accululated Depreciation xxxx [Debit] Loss on disposal of asset xxxx [Credit] Asset account xxxx Entry 2 [debit] Profit and loss account xxxx [Credit] Loss on disposal of asset xxxx
How do you remove old vehicle from balance sheet?
[Debit] Accumulated Depreciation xxxx [Debit] Loss on disposal of asset (if any) xxxx [Debit]Cash received (if any) xxxx [Credit] Vehicle account xxxx [Credit]Profit on disposal of asset (if any) xxxx
Methods o disposal excreta and sewage disposal?
if you disposal garbage at open space it is excreta and if you are using disposal cycle system than it is sewage disposal method.
How does the body flange from a garbage disposal connect to the disposal?
With the Allen key supplied with the disposal
What is the meaning of waste disposal?
Disposal of dirty water or contaminated water is known as water disposal
