The equipment sold is used. GST Journal Entry: Find out how to pass accounting entries under GST and the GST Impact on Financials.What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? Learn the foundations of fixed asset accounting, including definitions, formulas, and applications. I'm going to show you how to record uh gain or loss on a fixed asset and what distinguishes a fixed asset from another type of asset. Learn about accounting for sales tax with examples. Common errors on output tax.