Canada need help with capital assets transactions.

[JOETORONTO]

Hi Everyone,
I am looking for some help with the following transaction. I attached a listing of the capital assets. At Year end it shows on the balance sheet that the company owns $18242.89 in capital assets. Listing attached 174528.10 - 156285.21 = $18242.89.

i need to clear them off my balance sheet as the company is selling all the assets for
$15,000.00+ 13% HST $1950.00= $16950.00

They are buying it as a package deals. but i need to clear it up on my end.

Based on the GL attached in the pdf. How do i do this transaction. I am so confused?

any help is greatly appreciated.

 

[bklynboy]

Credit Each Asset (gross amount before accum depreciation) - not clear what this is from file but you should have detail
Debit Each Accum Dep - not clear what this is from file but you should have detail
Debit Cash (15,000)
Debit Loss on Sale of Assets 3,242.89 (difference between cash received of 15,000 and net assets removed of 18,242.89)

HST Expense (not sure what this is as I am in US but sounds like a tax of some kind) - I ignored this since I am not sure what this is. If its something buyer pays to seller that is then remitted to government its a liability like below:

Debit Cash 1,950
Credit Liability 1,950