Real Estate
Sale of Owner-Occupied Building — Gain
Removing a building and its accumulated depreciation and recording the profit on sale.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Bank | Asset (+) | 900,000.00 | - |
| Accumulated Depreciation | Contra-Asset (-) | 200,000.00 | - |
| Building (Cost) | Asset (-) | - | 800,000.00 |
| Gain on Disposal of Building | Revenue (+) | - | 300,000.00 |
💡 Accountant's Note
The gain is the difference between the sale proceeds and the net book value (cost minus accumulated depreciation). Both the asset and its depreciation must be 'flushed out' at disposal.
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