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Established Community Backer ***

Re: JE for Business Sale

create a cash type bank account

The other company by assuming lease liability, inventory, etc etc did in fact pay for those, at least as far as the old company books are concerned.

 

sell assets for the agreed upon price, deposit the to the temp cash type bank account you create.  Inventory will have to be sold per item on a sales receipt with qty, you can not use a journal entry for inventory items


pay liabilities from that temp bank account too
transfer cash on hand to the temp bank

 

Smiley Tongueroceeds were 550K - but you said no cash entered the business?