Disposal of Fixed Assets | Sale of Fixed Assets | Financial Accounting Course CPA Exam FAR ch 8 p 5

In this video, I explain disposal of fixed assets. Disposal of fixed assets is accounted for by removing cost of the asset and any related accumulated depreciation and accumulated impairment losses from balance sheet, recording receipt of cash and recognizing any resulting gain or loss in income statement.
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[@agonlinetutor3700]

basic principles are well explained in this video.

[@AccountingLectures]

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[@agonlinetutor3700]

@@AccountingLectures I did subscribe sir.

[@agonlinetutor3700]

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[@effeerren934]

Sorry do I have to add the vat to calculate gain or loss?

[@AliKhan-rx7qt]

Hi farhat if I just had to dispose off the asset without gain or loss and no cash or received or paid, what will be the entry???

[@AccountingLectures]

Debit accumulated depreciation and credit the asset.
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[@Jonida1]

With what value it is activated in the books a returned from the sale after 3 months of a used vehicle? It is already writte off in the books.