Loss on Fixed Assets Sale

Code: 5331
👁 Views: 38

Account Information

Account Type Income Statement
Normal Balance Debit

Definition

Losses incurred when fixed assets are sold below their net book value

Common Journal Entries

Loss on sale of fixed asset

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

Loss on disposal of fixed asset

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

Transfer asset losses to income

Dr. Income Summary
Cr. Loss on Fixed Assets Sale

Loss on destruction of fixed asset

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

Loss on sale of fixed asset

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

Loss on disposal of fixed asset

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

Transfer asset losses to income

Dr. Income Summary
Cr. Loss on Fixed Assets Sale

Loss on destruction of fixed asset

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