Disposal of Freehold Property

[GBE]

Hi we bought a freehold property in 2018 and disposed it in 2020, How can I remove it from the balance sheet?

Thanks

[ian_roberts]

The normal way to remove any asset from the balance sheet is a journal to reverse the original purchase price off the asset code, any accumulated depreciation off the depreciation code, and put the balance on the same P&L account where you put the proceeds of the sale (so the final balance on that code becomes the gain or loss resulting from the difference between the sale price and the net book value of the asset).