cash basis accounting: Fixed Asset – Disposal – Cash basis Accounting – Journal entry for Loss on disposal
As I understand this, your account look like
asset depreciation, 3,771.62
create an income account called gain loss on asset
debit gain loss, credit asset for 4,173
debit asset depreciation, credit gain loss for 3,771.62
Resolution for 'cash basis accounting issue: 'Fixed Asset – Disposal – Cash basis Accounting – Journal entry for Loss on disposal' available: Yes.
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