Fixed Assets - EBS (MOSC)

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Journal Entries for Assets Retirement

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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