What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? Consider all costs at time of acquisition or construction.Fixed Assets: How to record the disposal of assets? Go to Gateway of Tally > Accounting Vouchers > F8: Sales > click I : Accounting Invoice . The equipment sold is used. The sale of assets from the seller to the buyer is a casual and isolated sale within the meaning of MGL c. Journalize entries for sale of assets. A seller would need to debit a sales returns and allowances account and credit an asset account.