مشاركة: Accounting for Assets
Accounting for the Disposal of Plant, Property and Equipment
This tutorial covers how to account for the disposal of plant, property and equipment. Assets are usually sold for their salvage value but occasionally entities may be able to sell their assets for a gain or at a loss. Entities may chose to trade in their old asset for a new one, in which case, the journal entries will change. The tutorial also covers the closing off of the accumulated depreciation account and the transfer of gains and losses to the profit and loss summary account.
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