What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? The equipment sold is used.When we're talking about the gain or loss of the sale of an asset we need to be looking at net book value at the time of the sale. What is the journal entry for sale of a fixed asset, including payoff of a mortgage loan and net gain on the transaction? Here's the journal entry to record the sale of the asset. Fixed Assets: How to record the disposal of assets? Market-leading global tax determination software that automates tax calculations. Auckland's leading accounting firm specailsing in a range of accounting, tax and business services tailored to your business requirements.