1.

Journal entry for selling old machinery with book values ₹5,000 for ₹ 3,500 is :

Answer»

DR. CASH A/c by ₹5,000 and CR. Profit and LOSS A/c by ₹ 1,500 and Sales A/c by ₹3,500
Dr. Sales A/c by ₹ 3,500 and Profit and Loss A/c by ₹ 1,500 and Cr. Cash A/c by ₹5,000
Dr. Cash A/c and Cr. Sales A/c by ₹ 3,500
Dr. Cash A/c by ₹5,000 and Cr. Machinery A/c by ₹3,500 and Profit and Loss A/c by ₹1,500

Solution :Dr. Cash A/c by ₹5,000 and Cr. Machinery A/c by ₹3,500 and Profit and Loss A/c by ₹1,500


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