Asset disposal is the removal of a long-term asset from the company's accounting records. It is an important concept because capital assets.New transfer from fixed asset account to bank account, the amount is equal to your sale price. 2. The journal entry to dispose of fixed assets affects several balance sheet accounts and one income statement account for the gain or loss from disposal. What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? The journal entry to record the sale is: JournalPage 101. Date, Description, Post. Ref.