sale of contributed asset

booboodoguy booboodoguy at gmail.com
Tue Apr 28 17:19:48 EDT 2015


I have read the sale of assets posts but I still don't under stand how to
handle this particular situation.
Here are the circumstances and questions.

1. Member contributed asset -> 
account/equity/member contribution/asset = $5000
account/assets/Member contributed assets = $5000

2. Asset was sold for $10,000 and paid for via wired transfer of funds to a
brokerage account.
I have added:
"account/assets/current assets/brokerage account" but I don't know how to
"transfer" the wired funds into the brokerage account.

3. Once the brokerage account has the funds I'm not sure how to "transfer"
the funds into the sale of assets account I created factoring in the initial
asset value.
"accounts/income/Sale of Assets"

4. Lastly it's not clear to me how exactly to set the
"account/assets/Member contributed assets = $5000" to zero

Please explain how this is done.

Thank you




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