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?The Personal Property Unit is responsible for the discovery and assessment of all taxable business property, boats, commercial and private aircraft. Asset disposal is the removal of a long-term asset from the company's accounting records. It is an important concept because capital assets. Log onto the website and enter your account number and BIN. Click the Start Filing button and you can then File Amendment. This booklet contains: Form 100S, California S Corporation.