Accounting Troubleshooters (Canada) Forum

Full Version: Disposition
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Hi all,

I would like to know how to handle a terminal disposition in the S125 schedule. I have a terminal loss and updated the S1 with the corresponding amount. In quick books I did the following entry.

DR loss on disposition
CR Asset

How do you input the disposition on the loss in S125 in profile schedule?

Thank you so very much!
when you do a disposition, you also have to close out the accumulated depreciation amount of the asset.
The disposition needs to be reported on schedule 8.
Schedule 6, Summary of Dispositions of Capital Property, may also be required to be completed.

Madan CA
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