BHARAT PATEL (Executive Accounts) (66 Points)
09 July 2016
Seller had JCB/Machine financed by Bank, he sale it and takes cheque from purchaser in the name of financed bank and deposited direct to loan a/c for repayment of rest loan amount
what will be the journal entry for sale of fixed assets (JCB/Machine)
Shubham Gupta
(Business Consultants)
(2077 Points)
Replied 09 July 2016
we can pass
Loan Dr
to Fixed Asset
OR Party Dr
To Fixed Asset
Loan Dr
To Party
gopi
(articled assistant)
(47 Points)
Replied 09 July 2016
mukul jaiswal
(Description )
(91 Points)
Replied 09 July 2016
Entry of Loan for Machinery would be:-
Machinery A/c-----------------Dr.
To Bank/Cash
Bank A/c------------------------Dr.
To Loan
OR
Machinery A/c-------------------Dr
To Loan
At the Time of Sale of Machine at your case Just Reverse the Entry:-
Loan A/c---------------------------Dr.
To Machinery
AJAY KUMAR JAIN
(SERVICE)
(101 Points)
Replied 09 July 2016
Loan a/c dr
To party
Party dr
Machine a/c
Depreciation reserved dr
Machine A/c
CA ASHOK DAHIYA
(CA)
(135 Points)
Replied 10 July 2016
1. Bank Dr.
To JCB Machine
2. Loan a/c Dr.
To Bank
sanjay balande
(Assistant Manager (Accounts & Indirect Taxes))
(103 Points)
Replied 17 July 2016
FIRST ENTRY IS WRONG, SINCE CHEQUE IS DIRECTLY DEPOSITED INTO LOAN ACCOUNT. SINCE FIRST ENTRY IS WRONG, IT AFFFECTS ON SECOND ENTRY ALSO.
Praveen Tawania
(Owner)
(369 Points)
Replied 20 July 2016
Dear Member following entry should be passed for sale of Machinery
Bank A/c Dr.
To Machinery A/c
Loan A/c Dr.
To Bank A/c
CAclubindia
