Adjust
Profit or Loss on Sale of Fixed Assets | Record Journal Vouchers
After
recording the sale of fixed assets, you can transfer the amount from sales
ledger to fixed assets ledger and account for the profit or loss.
In this
section
● Account
for profit on sale of fixed assets
● Account
for loss on sale of fixed assets
Account for profit on sale of fixed assets
You can
account for the profit made on sale of fixed assets using income ledger
1. Gateway
of Tally > Accounting Vouchers > F7 (Journal).
2. Record
the transaction.
a. Debit
the sales ledger and enter the sale value.
b. Credit
the fixed assets ledger and enter the asset value.
c. Credit
the indirect incomes ledger. The amount (profit) appears automatically.
3. Accept the screen. As always, you can press Ctrl+A to save.
The values of such
transactions will appear in the relevant reports.
Account for loss on sale of fixed assets
You
can account for the amount of loss incurred on sale of fixed assets using
expense ledger.
1. Gateway of Tally > Accounting Vouchers > F7 (Journal).
2. Record the transaction.
a. Debit the sales ledger and enter the sale value.
b. Debit the indirect expense ledger, and enter the amount
(loss).
c. Credit the fixed assets ledger. The asset value appears
automatically.
3. Accept the screen. As always, you can press Ctrl+A to save.
The values of such
transactions will appear in the relevant reports.
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