Mississippi Letter regarding sale of assets - Asset Purchase Transaction

State:
Multi-State
Control #:
US-00210
Format:
Word; 
Rich Text
Instant download

Description

Letter re: sale of assets - Asset Purchase Transaction. The purpose of this letter is to outline the manner in which Buye, purposes to purchase certain assets of Selller. Buyer and Seller recognize that the transaction will require further documentation and approvals, including the preparation and approval of a formal agreement setting for the terms and conditions of the proposed purchase in more detail the "Purchase Agreement"); but buyer and Seller execute this letter to evidence their intention to proceed in mutual good faith.

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  • Preview Letter regarding sale of assets - Asset Purchase Transaction
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FAQ

If you buy a fixed asset and you finance it with a loan or installment plan, you must record it in your accounts. You can record the original purchase by posting a journal. By doing this, you can include any deposits and fees at the same time as the purchase.

Typical business expenses include salaries, utilities, depreciation of capital assets, and interest expense for loans. The purchase of a capital asset such as a building or equipment is not an expense.

The purchase of fixed assets represents a cash outflow (negative) to the company while a sale is a cash inflow (positive). If the asset's value falls below its net book value, the asset is subject to an impairment write-down.

A historical cost is a measure of value used in accounting in which the value of an asset on the balance sheet is recorded at its original cost when acquired by the company. The historical cost method is used for fixed assets in the United States under generally accepted accounting principles (GAAP).

What Are Asset Sales? An asset sale occurs when a bank or other type of firm sells its receivables to another party. A type of non-recourse sale, these transactions are executed for a variety of reasons, including to mitigate asset-related risk, obtain free-cash flows, or meet liquidation requirements.

Asset disposal is accounted for by removing the asset cost and any accumulated depreciation and impairment losses from the balance sheet, and recognizing any and cash receipts and the resulting gain or loss on the income statement.

Tip. When you record a fixed asset, you debit the Fixed Assets account for the purchase price and credit the Cash or Loan account. Later you reduce the value in Fixed Assets to reflect the asset's depreciation over time.

On the assumption that the asset was purchased on credit, the initial entry is a credit to accounts payable and a debit to the applicable fixed asset account for the cost of the asset. The cost of an asset can include any associated freight charges, sales taxes, installation fees, testing fees, and so forth.

Journal Entries for Sale of Fixed AssetsWhen the Assets is purchased: Fixed Assets A/c. Debit.When Depreciation is recorded: Depreciation Expenses A/c. Debit.When Gain is made on the sale of Fixed Assets: Cash A/c. Debit.The loss incurred on the Sale of Fixed Assets: Cash A/c. Debit.When the Assets is Written off:

When there is a gain on the sale of a fixed asset, debit cash for the amount received, debit all accumulated depreciation, credit the fixed asset, and credit the gain on sale of asset account.

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Mississippi Letter regarding sale of assets - Asset Purchase Transaction