Fixed Asset Retirement

Asset Number :10049

Asset Cost N
Accumulated Depreciation 126,800
Proceed of Sales 10,000
Cost of Removal 350
 Fixed Asset Module

Type Account Description Debit Credit

Cost of Removal- Clearing 59523 MISCELLANEOUS EXPENSES (F&A) 350
Cost of Removal- Expenses 59545 Other Income 350
Original Cost 24306 OE(OT)-ORIGINAL COST 1,521,600
Accumulated Depreciation 26307 OE(OT)-ACC DEPRECIATION ON ORG COST 126,800
NBV 59701 LOSS/(PROFIT) ON SALE OF ASSETS 1,394,800
Proceed of Sales- Gain/Loss 59701 LOSS/(PROFIT) ON SALE OF ASSETS 10,000
Proceed of Sales- Clearing Account 59716 Other Income -Service Sales 10,000

Total 1,531,950 1,531,950

Receivables
Type Account Description Debit Credit

Customer Account 11010 AR Trading Domestic 10,000

Proceed of Sales- Clearing Account 59716 Other Income -Service Sales 10,000

Customer Account 11010 AR Trading Domestic 10,000

Bank Account 10029 Axis Bank Account 10,000

Total 20,000 20,000

Payables
Type Account Description Debit Credit

Cost of Removal- Clearing 59523 MISCELLANEOUS EXPENSES (F&A) 350

Liability 14003 Accounts Payable 350

Liability 14003 Accounts Payable 350

Bank Account 10029 Axis Bank 350
Total 700 700