New transfer from fixed asset account to bank account, the amount is equal to your sale price. 2. When we're talking about the gain or loss of the sale of an asset we need to be looking at net book value at the time of the sale.Enter the Property Type, Sale Number, Sales Price and any Selling Expenses. What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? Adjusting entries are made at the end of an accounting period to account for items that don't get recorded in your daily transactions. This video explains how to calculate and account for a sale of an asset when there is a gain or loss. Fixed assets represent a significant capital investment, so it's critical the accounting be applied correctly. Asset disposal is the removal of a long-term asset from the company's accounting records. It is an important concept because capital assets.