Disposal of Fixed Assets

Disposal of Fixed Assets


Disposal of Fixed Assets:



Vehicle value S$50,000.00 current net book value S$20,000.00.

Disposal amount S$32,000.00.


Create a journal entry to taken off our Vehicle account and accumulated depreciation account

Adjustment > Journal Entry > New


Enter the information and save it



Enter received from disposal of Fixed assets

Sales > Receipt > New

Feature

Function

Click on < Sales > 

  • For Account Receivable module


Click on < Receipt >

  • To view history listing for Receipt
  • To enter receipt 



After done save it


Double entries for Fixed assets account 


Double entries for Accumulated Depreciation on Fixed assets account 


Double entries for Disposal of Fixed Assets account

















    • Related Articles

    • Purchase of Fixed Assets with Hire Purchase

      Purchase of Fixed Assets with Hire Purchase: Purchase of Machine value S$80,000.00 with down payment of S$25,600.00 Hire Purchase principal S$60,000.00 Monthly instalment S$1,150.00 x 60 months  Total Interest charge (base on 3% interest) S$1,800.00 ...
    • Basic | Navigate | Familiarizing | User Interface

      User Interface Being familiar with a software's user interface (UI) is crucial for several reasons. It allows users to gain more control over the application, reducing the need for second-guessing and minimizing errors, which can be time-consuming to ...
    • Setup/ Setting Up Chart Of Accounts

      Creating an Expense Account Location Setup Activity> Account Module Action > Click SETUP activity > Click ACCOUNTS > Click CHART OF ACCOUNT module > Click NEW > CODE enter EXP3301 Enter EXP as it is an expense account, and a unique number > CATEGORY ...
    • Basic | Navigate | Navigating | Login/Modules | Switching Modules | Closing Modules |Searching Function |Advance Search on Documents

      Login Upon starting your computer, you'll be prompted to enter your login credentials, specifically your login ID and password. Next, you'll be asked to select the company you wish to work with. This company selection is only available if you've ...
    • Chinese fonts not displaying correctly on windows 10.

      For users who's system upgrade to window 10 may experience issue with chinese fonts not displaying correctly. Users will need to adjust some of the font settings. Step 1:  left click on "Start (button)" Step 1 screenshot.  Step 2: left click on ...