MYOBCommunity
Partner Zone
|
|
Partner Zone

Sale of company fixed assets

Highlighted
Experienced Cover User Chand83
11 Posts
Experienced Cover User
Australia
Chand83
Experienced Cover User

11Posts

4Kudos

0Solutions

Solved: Go to Solution

Sale of company fixed assets

Hi Team

 

One of our admin staff have sold fixed assets and the money received from selling the assets had been putting to the petty cash. When I do the petty cash reconciliation next month, have noticed that they have used beyond the petty cash limit and inquired about this. 

In order to fix this, what I did was, have asked them to reimburse petty cash including proceeds from selling the FA amounts ($500).

 

Then I have posted below mentioned journal entries. (using AccountRight 2017 online)

 

Cr Petty cash  $500

Dr Cash at bank  $500

(To remove the cash received from selling FA)

 

Dr Capital Asset  $500

Cr Sale of Asset      $500

 

Dr Accum Depn    $200

Cr Sale of Asset         $200

 

Could you please can someone advise whether these journals are correct to rectify the error and proper recording of the sale of the asset.

 

Thank you very much.

 

2 REPLIES
Ultimate Partner GDay53
1,116 Posts
Ultimate Partner
Australia
GDay53
Ultimate Partner

1116Posts

1174Kudos

252Solutions

Accepted Solution Solved Solution

Re: Sale of company fixed assets

@Chand83

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of helpful information.

 

I have attached a short worksheet  below on the disposal of Assets. This is from a few year ago but the procedure is still the same. In your case you would use the Petty cash account instead of the bank account.

 

Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
Experienced Cover User Chand83
11 Posts
Experienced Cover User
Australia
Chand83
Experienced Cover User

11Posts

4Kudos

0Solutions

Re: Sale of company fixed assets

Thank you very much, Graeme

Didn't find your answer here?
Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post