The equipment sold is used. The selling price is direct from your settlement sheet.The underlying assets sold may have a current value of zero if fully depreciated. GST Journal Entry: Find out how to pass accounting entries under GST and the GST Impact on Financials. I've sold a fixed asset that has appreciated in value, how do I structure the journal entry, as the credits and debits need to equal out on the journal entry? Asset disposal is the removal of a long-term asset from the company's accounting records. It is an important concept because capital assets. Journal entries document the declining value of assets and the removal or sale of assets. Org, simply click or tap the date on the program's page in this digital catalog!