Gain on Fixed Assets Sale

Account Information

Account Type	Income Statement
Normal Balance	Credit

Gains realized when fixed assets are sold above their net book value

Gain on sale of fixed asset

Dr. Bank
Dr. Accumulated Depreciation
Cr. Fixed Asset
Cr. Gain on Fixed Assets Sale

Transfer gain to income

Dr. Gain on Fixed Assets Sale
Cr. Income Summary

Gain on exchange of fixed asset

Dr. New Asset
Cr. Old Asset
Cr. Gain on Fixed Assets Sale

Gain on disposal of asset

Dr. Accumulated Depreciation
Cr. Fixed Assets
Cr. Gain on Fixed Assets Sale