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.What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? Asset disposal is the removal of a long-term asset from the company's accounting records. It is an important concept because capital assets. 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. I've worked for the Washington Post since 2008 as an editorial cartoonist.