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. 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 assets are not separablethey must be operated or sold together as a group. New transfer from fixed asset account to bank account, the amount is equal to your sale price. 2. What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets?