The question is extremely unclear, so I am going to assume that there is a company (Y) that has sold someone (S) a loan (L). What is the journal entry for sale of a fixed asset, including payoff of a mortgage loan and net gain on the transaction?Should I use a Journal entry again and get rid of the asset and diminish my Loan to 0 and only then dispose the Fixed asset? I'm going to show you a way to record the sale of a financed asset uh in QuickBook so you can record the gain rate record the cash you get. You debit the assets bought at market value, which is now book value. You credit the liability with the remaining balance of the loan. A special screencast on QuickBooks help talking about an owner financed sale of an asset.