Company Car Sold After Accident - QB Entry


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Dear All,

I need your help to make one transcation in QB Premier 2013.

how can i make entry in qb for company car which we sold after accident. company car's price was 50,000.00 SAR and we have fixed asset account for this. we sold this car 4500 SAR after accident, how can i enter this entry in QB. kindly advise.

what about asset entry which i recorded before for this car at time of purchase.

Thanks.
 
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1.CR Motor Vehicle Account By SAR 50000
2.DR Accumulated Depreciation up to date
3.Open a New Account (Account type-Other Income,Account Name-Vehicle Disposal)
4.DR Vehicle disposal account by SAR 50000
5.CR Vehicle Disposal Account by Accumulated Depreciation
6.CR Vehicle disposal Account SAR 4500 & DR cash or Bank SAR 4500
 
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Dear niyashanee,

i have make entries same as per your advise.

Capture.jpg

now my fixed asset account is zero and Accumulated Depreciation have balance of 25200.00.

is this normal or i have to make it zero.? because its type is also Fixed Asset. kindly advise
 

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