Real Estate
Sale of Owner-Occupied Building — Loss
Recording a loss when a building is sold for less than its net book value.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Bank | Asset (+) | 500,000.00 | - |
| Accumulated Depreciation | Contra-Asset (-) | 150,000.00 | - |
| Loss on Disposal of Building | Expense (+) | 150,000.00 | - |
| Building (Cost) | Asset (-) | - | 800,000.00 |
💡 Accountant's Note
If the sale proceeds are less than the net book value, the shortfall is an immediate loss on the income statement.
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