Prepare journal entries for disposal of fixed assets motor, Accounting Basics

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Prepare journal entries for disposal of fixed assets motor

Problem

Prepare journal entries for disposal of fixed assets.

Company sold Equipment worth $120,000 for $50,000. Depreciation recorded at the rate of 20% yearly for 3 years.

Motor vehicle purchased for $80,000 was sold for $20,000 after usage of 2 years at rate of 25% yearly.

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Accounting Basics: Prepare journal entries for disposal of fixed assets motor

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Accounting Basics: Prepare journal entries for disposal of fixed assets motor

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