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? Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-a. 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. You must submit a paper filing and a supplemental form to the Assessor's Office. Both forms are on our e-filing site. I'm going to show you how to record uh gain or loss on a fixed asset and what distinguishes a fixed asset from another type of asset.