Plant Asset Disposals Natura Resource and Intangible Asset
Content Summary Overview
Disposal of Plant Assets: Plant assets (except land) eventually become inadequate or obsolete and must be sold, retired (junked) or exchanged for new assets.
Disposal of Plant Assets General Procedure: Record the asset depreciation up to date of sale, Record the disposal by Writing off asset cost (credit). Writing off Accumulated Depreciation (debit), Record any cash, received (debit), Record gain (credit) or loss (debit)
Sale of Plant Assets, Example: Prepare the journal entry to record Evans’ sale of the machine on September 30, 1999 assuming that depreciation has already been recorded to that date
File Category: Accounting, ppt files
File Added: Thursday, April 22nd, 2010
File Source: vrpacioli.loyola.edu
File Size: 2.9 MB
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