The selling price is direct from your settlement sheet. The underlying assets sold may have a current value of zero if fully depreciated.The equipment sold is used. GST Outlay Account (Current Asset) oGST is paid when acquiring a good or receiving a service. 3.What is a journal entry? A journal entry is the complete accounting entry for a transaction. 4. GST Journal Entry: Find out how to pass accounting entries under GST and the GST Impact on Financials. Asset disposal is the removal of a long-term asset from the company's accounting records. It is an important concept because capital assets.