RETAIRMENT:

When we are removing the asset from the company the retainment will be happen, in
this case you make a profit or loss
The journal entry for profit on sale of fixed asset?
Bank A/c Dr
Accumulated Depreciation A/c Dr
To Fixed Asset A/c
To Gain on Sale of Fixed Asset A/c
Ex1: corporate wala.in sold fixed assets (original cost of $ 60000) for $ 65000.
Accumulated Depreciation till date was $10000, prepare JE:
Bank A/C Dr. $65000
Accumulated Depreciation A/C Dr. $10000
To Fixed Assets A/c $60000
To Profit on sale of Fixed Assets A/C $15000

The journal entry for Loss on sale of fixed asset?

Bank A/C Dr.
Accumulated Depreciation A/C Dr.
Loss on sale of Fixed Assets A/C Dr.
To Fixed Assets A/c
Ex1: corporate wala.in sold fixed assets (original cost of $60000) for $35000.
Accumulated Depreciation till date was $10000, prepare JE:
Bank A/C Dr. $35000
Accumulated Depreciation A/C Dr. $10000
Loss on sale of Fixed Assets A/C Dr.$15000
To Fixed Assets A/c $60000