Journal entry
This query is : Resolved
25 June 2015
Purchase of machinery and sale of machinery.
AND
Profit on sale of machinery and loss on sale of machinery, in manufacturing concern,
what is journal entry for this?
Please explain me with example by taking assumption Value and
where to take in tally in Journal(F7) Or Where
AND
Profit on sale of machinery and loss on sale of machinery, in manufacturing concern,
what is journal entry for this?
Please explain me with example by taking assumption Value and
where to take in tally in Journal(F7) Or Where
25 June 2015
Dear Chitra
For Purchase
Machinery A/c Dr.
To Bank/Mr.XYZ.
For Sale
Bank/ Mr.XYZ a/c DR.
To Machinery.
For Profit on sale
Bank/ Mr.XYZ a/c DR.(Sale Value)
To Machinery.(Value appearing In B/S)
To P&L A/c (Balancing Figure)
Similarly P&L a/c will be debited in the above entry in case of loss
For Purchase
Machinery A/c Dr.
To Bank/Mr.XYZ.
For Sale
Bank/ Mr.XYZ a/c DR.
To Machinery.
For Profit on sale
Bank/ Mr.XYZ a/c DR.(Sale Value)
To Machinery.(Value appearing In B/S)
To P&L A/c (Balancing Figure)
Similarly P&L a/c will be debited in the above entry in case of loss
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