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what are the accounting entries of loss on disposal & gain on disposal ???

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Apr 23 at 15:48:43
Muhammadbilal
Muhammadbilal
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8000 is the balancing amount
60,000+32000= 92000-100,000 = 8000
Apr 16 at 18:2:26
Muhammadbilal
Muhammadbilal
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For example an asset puchsed on 100,000 sold on 60,000 &
Accumulated depreciation 32000

Accounting Entries Would be

Loss on disposal : Dr 8000
Cash : Dr 60,000
Accumlated dep. : Dr 32000
Machine : Cr 100,000
Apr 16 at 17:52:3
Abdul
Abdul
121

Thax bro..but how 8000 is the loss on disposalMuhammadbilal Hanif Apr 16 at 18:0:15

total asset cost is 100,000, 100,000-32000(acc dep)= 68000-60,000(sold)=8000 loss on disposal.Abdul Hanif May 29 at 18:15:43

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