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Fixed Assets - EBS (MOSC)

Journal Entries for Assets Retirement

Jan 8, 2014 1:35AM edited Jan 9, 2014 3:20AM in Fixed Assets - EBS (MOSC) 3 commentsAnswered

Can anyone help me on the relevant Journal entries for retiring Assets

Case 1- FA sold with a profit/loss

Case 2 - FA retired because it is scrap

CR Asset Cost to remove the item

DR Depreciation Reserve to remove accumulated depreciation

What are the clearing accounts involved and why??

Thanking you in advance

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