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MYOB & Quickbooks – Selling an Asset – Part 2

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MYOB & Quickbooks – Selling an Asset

MYOB & Quickbooks – Selling an Asset

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

If you have questions, or need to ask questions? Give us a call! No obligation – solve your queries now!


Author: Account keeping plus (Business accounting software

Administration, Bookkeeping and Compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support 30 min call 0407 361 596 Australia (+61 drop 0 from overseas) MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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