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Asset Disposal (Fixed Asset Realisation) Explained with T Accounts Example

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This lesson explains what asset disposal (Fixed Asset Realisation) is and how to record the disposal of an asset using the T Accounts (Asset Account, Accumulated Depreciation Account, and the Asset Disposal Account / Fixed Asset Realisation Account).
Asset Disposal Journal Entries | Steps with Examples: • Asset Disposal (Asset ...
Accounting for Beginners | Part 1 | The Accounting Equation: • Accounting for Beginne...
Accounting for Beginners | Part 3 | General Ledger (T-Accounts): • Accounting for Beginne...
Asset Disposal | Trade-In Example: • Asset Disposal (Fixed ...
Depreciation Calculation Examples:
Straight Line Method & Diminishing Balance Method: • Straight Line Method v...
Understanding Depreciation Terms: • Understanding Deprecia...
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Опубликовано:

28 авг 2024

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Комментарии : 152

@KiingMae 5 лет назад

YOU ARE A LIFE SAVER!!!!!! XOXOX KEEP DOING THIS PLEASE ITS VERY HELPFUL!

@Counttuts 5 лет назад

Good day, thank you for the kind feedback, much appreciated.

@chyna1819 Год назад

it is indeed very helpful

@stardustangel7115 Год назад

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@chanteljoe1750 3 месяца назад

100%… this is a South African😅

@davidbaldwin3140 4 года назад

I am not by any means an accounting genius, and I found this clear and easy to follow. Everything made sense. Thank you!

@stardustangel7115 Год назад

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@hichsonmcthebe9669 10 месяцев назад

Maybe the best accounting lessons on RU-vid. Thank you Sir.

@kryptengaming7695 3 года назад

I am saved for my test tom thx a lot my teachers can’t teach ngl

@Minnie._.savage 6 месяцев назад

😊😊0

@BeingBabalwa 2 года назад

id dont usually comment on videos but i just had to on this one,my lecturer has been teaching this for like two weeks now and this is literally the first time i understand anything to do with depreciation or asset disposal,thank you so much😇

@CJr_M 2 года назад

The way you explain and illustrate... absolute legend!

@stardustangel7115 Год назад

ru-vid.comg6Vz2NslFu8?feature=share

@hazeldube-bj5hx 6 месяцев назад

Thank you very much you have made life easy for me ❤I couldn’t understand this part but now it’s crystal clear…

@Sakhile_11 Год назад

Our lecture introduced us to this topic, i was so stressed, i didn't understand anything , but i remembered i follow you❤🙌life saver.

@naledimoropa7944 Год назад

Thank you sooo much i finally understand after soo many mistakes i made i thought this was hard till i watched this video i can't thank you enough, this was really helpful

@thulisiwethobekasibiya2986 2 года назад

Thank you so much you are a life saver I’m writing my test tomorrow at 3 I hope I will remember your lesson 🙌

@Counttuts 2 года назад

Best of luck!

@fatimaeve290 5 месяцев назад

Please do a video for the note(note 3) And another example but this time with assets bought during the accounting period

@dalitsokavalo2401 8 месяцев назад

❤ so easy to understand thank you I was really having difficulties in accounting

@user-cj9bc7dl6f Год назад

I really love your videos. Very easy to understand. Thanks a lot for the good job!

@HebrewIsraelite6737 3 года назад

Excellent explanation, I'm writing my Test on Friday 13 August 2021, you are a life saver

@raynetter5943 3 года назад

Me too😭

@HebrewIsraelite6737 3 года назад

@Reynette R, all the best

@luthandononkazimulozulu3994 4 года назад

100% sure this is a South African accent👀😂

@teclasicbaldi 3 года назад

i think is indian

@BuhlebzNetwork 3 года назад

Caleb is a South African and he is very helpful he takes his job very serious I remember the day I called him he was in the office on the weekend

@Emily-rj1ij 3 года назад

@@BuhlebzNetwork 😂😂

@leematthews7416 3 года назад

Of course it is, he's using Rands 😂

@wannabeme286 2 года назад

Great, you r rit bruh ! I think too 😅

@nireshnigovender6094 Год назад

🙏🙏🙏🙏🙏 thank you for your insight I’m so glad I came across your channel 👌👌👌👌

@iviwe-imithandazonikita2802 4 года назад

Thank you so much Sir keep on doing it we are waiting for more

@kyledarleywaddilove2973 5 лет назад

Great explanation helped so much, keep at this it is much needed!!

@Counttuts 5 лет назад

Thank you Kyle. Appreciated.

@sasthirabeebaasoo4617 Год назад

Absolutely helpful and well explained! Please can you do a liquidation account

@tilanavanschalkwyk2475 Год назад

Love your videos. Please do a video accrual concept and matching and prudence. Much appreciate your help! Thanks a lot

@patlophamotse5836 3 года назад

Thank you so much, I'm writing acc tomorrow.

@somebye3sandiago623 3 года назад

I'm facing my O/L NEXT YEAR,TNX ALOTTTTTT

@l.muwuyamuwuya9326 4 года назад

Excellent explanation. Thank you

@ross7646 4 года назад

Not all hero’s wear capes

@Counttuts 4 года назад

Thank you :)

@davidChibwe-pp8fi Год назад

Sir the same way you have explained the diminished balance method help us to explain straight method. Thank you are really helping me

@AlemaRonald-ds1vv 23 дня назад

This is wonderful

@Tshiamo_Setshedi Год назад

Absolutely lovely refresher..

@drbailey9349 4 года назад

Thank you so much, will definitely share it with my friends

@Counttuts 4 года назад

Much appreciated.

@nonkanyisondlovu5069 4 года назад

Thank you sir this is powerful and helpful

@luqmaanr5965 4 года назад

Great video Helped alot

@Thewildflowerberry_2023 3 года назад

This helped so much! thank you!!! My lecturer just doesn't teach us :(

@princekolbe 2 месяца назад

Thank u.. you explain it better than my teacher

@fatimaeve290 5 месяцев назад

This video was great👍🏽!!

@mpilo_mhlongo 2 года назад

Thank you so much. Can you please do an example where there is 2 equipment Assets. Where the other equipment is sold and one is not sold

@nafeessachachia7322 3 года назад

You explain it really well. However, I thought the 73,440 would have been a debit as it is money in the bank as it is a sale. Bank would be credited if it was a purchase..... ?

@user-cn8jg7dn7w 5 месяцев назад

Thanks alot it really helped me 👍

@lusiamelkisedek2404 4 года назад

thankyou. from Namibia

@Counttuts 4 года назад

You are welcome :)

@Just.Thandoo 3 года назад

Lesson was very helpful thank you

@VanessaGatsheni-kn8id 9 месяцев назад

Thank you so much it was helpful

@amarbenpatel8746 3 года назад

This video is very good useful for explaining

@LuyoloxSofuthe Год назад

this really helped.thank you

@user-rh4jv8sn9v 6 месяцев назад

Thank you 😊 so much

@MatamuAmbrosius-jt8dk Год назад

This video is helpful 🙏

@N.O.MTheSkhandaPrince 5 лет назад

Eish..thank u baba..u ar a life saver

@Counttuts 5 лет назад

You are welcome :)

@amelyjones7241 5 лет назад

Let me subscribe ASAP. This will be a great channel on my new accounting journey. Thank you so very much

@Counttuts 5 лет назад

Thank you for the support.

@SamkeleNtathu-fj6sg Год назад

absolutely helpfully thank u

@user-el8bw2ef4j 7 месяцев назад

thank you really helped me but i have this exercise Printer bought 1 June 2018 for 90 000 was sold for cash on 31 august 2021 at carry value. A new printer was bought for 120 000 on 1 September 2021 Depreciation on equipment is written of at 20% per annum 1. calculate accumulated depreciation and carry value for the disposal of the printer 2. calculate depreciation on equipment 3. Assets disposal on the printer.

@lloydchigodora4534 2 года назад

fantastic presentation

@violetevervlogs 9 месяцев назад

this video was helpful. do you have any videos about the profit/loss on sale of asset? I'm really struggling with that :(

@noraisharaquelnaidoo6962 6 месяцев назад

Please do profit on sale of asset and Profit & loss acc with the assets disposal account

@buyisiwelucia9582 3 года назад

thank you thank you thank you!!!!

@hadihashi5495 2 года назад

Thanks 😍

@Eagle-nt8zb Год назад

Genius 🤞🏾❤️

@bikithembasirayi 2 месяца назад

how do you calculate whether the business has made a profit or loss on the disposal of asset?? please help

@bumblebeess9515 4 месяца назад

Do you have an example of this on college level? I know this from highschool but in college they dont show it to us this way and its so frustrating

@saumaanchughtai7008 3 года назад

Very helpful 👌

@PictorialVibes 2 года назад

Thank you so much.

@OratilweMoagi-nq8hp Год назад

What happens if there is more then one equipment sold for example if they sold a vehicle and equipment and a building

@sheldonstanley8002 5 лет назад

Great video

@Counttuts 5 лет назад

Thank you

@jadepivacic5205 3 года назад

Very helpful

@yungmsa 3 года назад

lifesaver

@suzanmoepshe 5 месяцев назад

So if the equipment was bought on credit what would the details say

@minnemuse26 5 месяцев назад

muy bien

@bupelodube7683 4 года назад

dankie bafo ... this was truly helpful and understandble. thank you once again.

@nthabisengmthombeni4170 2 года назад

Thank you sir

@Girl-on-fire 3 года назад

Thank you!

@phumzileportia9514 4 года назад

very helpful!

@herestomydownfall 10 месяцев назад

I went to an FNB atm and when depositing cash it asked for source of the funds. I saw "asset disposal" as one of the reasons. In this case does that just mean I got the cash from something that I owned and sold?

@EmsyMakhubela 5 лет назад

Thanks

@Counttuts 5 лет назад

Welcome

@blessingbee661 3 года назад

Thank u soo much ❤️🥰🥰

@Mmanare._ 4 года назад

Can you please do a asset disposal account that includes a fixed asset note

@Counttuts 4 года назад

Check this one out: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-yNIrNXpgQyg.html

@user-cp9ry1cw7e Год назад

If the asset is traded in how are we going to record on T account of Asset Disposal

@happylife-te6qk 2 года назад

I need help..so what if we were told that the depreciation rate was calculated using straight line method how can we find the depreciation for the current period given the same question

@GUYJOSUA 3 года назад

thanks bro helpful .what about the gain or lost on disposal

@Counttuts 3 года назад

The asset was sold at carrying values, so no profit/loss on disposal. See this lesson on that: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-P88-r_DNIzY.html

@nelsonmugari2039 5 лет назад

so what is the profit or loss on disposal

@Counttuts 5 лет назад

Hello Nelson, in this lesson, the asset was sold at carrying value so there was no profit or loss. We will be uploading a tutorial where there was a profit and another where there was a loss soon.

@Counttuts 5 лет назад

Here is an example on that: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-P88-r_DNIzY.html

@slueyleft5734 3 года назад

What if a new asset was brought should we record it on equipment and accumulated general ledger?

@johnmahwai369 3 года назад

Like wow 👏👏

@kok_dri Месяц назад

Hy why is the details for how much we sold it Bank when they said it was sold for cash

@clint0219 5 лет назад

Thank You .

@Counttuts 5 лет назад

You are welcome.

@user-dt5fi5vz5d 6 месяцев назад

Why was the bank credited when the asset was sold for cash.

@sitwalaomen4857 3 года назад

how do we dispose an asset with a life span of a year and some months? please help on that.

@collinsmamadumetja1000 2 года назад

can yu please make calculatios of assets disposal with more than equipment amounts

@Achieveherglow 3 года назад

danko .

@crushy-cruga2632 3 года назад

WAKHUPHUKA IMPELA NKABI.... NGATHI UYAZI UKUTHI IWOIMPELA LOSHUNI ENGUW'DINGAYO🤙

@goitseonemohutsiwa294 5 лет назад

thanks for such a presentation

@Counttuts 5 лет назад

Anytime. Thanks for the feedback.

@reshmeet3919 3 года назад

Instead of Bank what account would you use if sold on credit

@babaabofc6522 3 года назад

Debtors control

@luciammoledi2174 5 лет назад

Hi I now understand, how can I get the straight line calculations

@Counttuts 5 лет назад

Hello, do you mean the straight-line depreciation method? If so, here it is ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-SD248iavlSg.html

@renierkoekemoer2638 3 месяца назад

Why is bank moved to the credit side

@Counttuts 3 месяца назад

Please revisit out lessons on the general ledger. It will help you understand.

@user-og7vh6pl3l Год назад

❤❤❤

@user-og7vh6pl3l Год назад

❤❤❤❤

@ireenmkandawire5844 8 месяцев назад

❤❤

@jacobphiri1944 Год назад

Wow

@ydee1864 5 лет назад

Iove u!!! Mwuah mwuaj mwuah 😅

@Counttuts 5 лет назад

Good day, glad we could help. Thank you for the feedback.

@patrickswayvy5524 5 лет назад

hi great video, informative stuff. how can i get fully engaged in stock marketing? im making very little progress a.k.a losing money HELP. thank you

@Counttuts 5 лет назад

Hello, thank you for the feedback. You can contact us at info@counttuts.com with regards to that.

@yolandacruz6121 4 года назад

What if Company A owns Company B and Company A sold 90% of Company B to someone else? Company A - DR notes receivable CR Owners equity? Company B - Debit Owners Equity CR Notes payable to Company A???

@Counttuts 4 года назад

Good day, due to the volume of requests for help regarding student specific questions, we are not able to address them on this platform. However, you can request a session at reasonable rates with us at info@counttuts.com to address your challenges with the subject.

@asandazondi7038 5 лет назад

why do we use the diminishing balance method?

@Counttuts 5 лет назад

Hello Asandi, it is because the question indicated that the equipment is written off according to the diminishing-balance method.

@asandazondi7038 5 лет назад

@@Counttuts ohhhh. thank you. is it generally always indicated?

@Counttuts 5 лет назад

@@asandazondi7038 That's correct, it should be clear as to which method is used. Check out our video on that if you haven't already; ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-SD248iavlSg.html