Journal entry

240 views 2 replies

Teacher

99 Points Joined June 2016

Journal entry required: Horse as an Asset (used in business activities) worth Rs 10000 died and carcass sold for Rs 3000

Replies (2)

XXX

27 Points Joined January 2013

P&l a/c 7000 dr

sale of carcass a/c 3000 dr

to livestock a/c 10000 cr

Teacher

99 Points Joined June 2016

Though Horse is an asset in this case, does it mean all capital losses will be transferred to P&L a/c in one year only.

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