In the prior post we looked at how to sell an asset in GO HERE.
And since the cost of the asset was in the balance sheet, this left balances in the asset and a loss in this scenario still to be dealt with.
One way to finish off the sale is to raise the following journal.
DR Sale of Asset 50,000 Sale account
DR Loss on Sale of Asset 10,000 Create an expense account
CR Motor Veh. (at cost) 60,000 Asset account
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