Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Purchase Machinery on 10000 USD Depreciation on machinery is 20% After 3 years sold the Machinery on 2000 please pass the journal entry ?

user-image
Question added by kamran khan , Accountant , MRH Hotels Group
Date Posted: 2017/07/18
Sandeep Panchal
by Sandeep Panchal , accountant general , Future Services general trading and contracting co

first of all

MACHINERY A/C -DR     10,000

 CASH /BANK     -CR              10,000

 

DEP A/C       -DR                 6000

ACCUMULATED DEP ON MACHINERY     6000

SO HERE BOOK VALUE IS USD 4,000/-

 

CASH ON SALE OF MACHINERY    -DR   2000

PROFIT OR LOSS ON SALE OF MACHINERY  -DR  2000

ACCUMULATED DEP.ON MACHINERY -DR  6000

MACHINERY A/C -CR                                                 10,000

 

 

 

 

Khaliq Raza MBA   MS   CFE  AFA
by Khaliq Raza MBA MS CFE AFA , Senior Accountant , ARCO TURNKEY SOLUTIONS CONTRACTING LLC

1.

Mchinery A/C  10000

        Bank/Cash A/C   10000

 

2.

Acc Depreciation 6000

Cash Received     2000

Loss on Sale        2000

           Cost                            10000

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.