Gain on sale of asset is the term used to describe the profit that a company makes from the sale of an asset or group of assets. This can include anything from land, buildings, equipment and shares. When a business has sold an asset for more than it originally paid for it, then they have achieved a gain on sale of asset. In most cases, this will be recorded as income on the business’s balance sheet, although in some cases special accounting rules may apply. In any case, it’s important to ensure that gains are properly documented so that accurate financial statements can be prepared.