how to make machinery account pls it's argent and explain please
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Step-by-step explanation:
- Record cash receive or the receivable created from the sale: Debit Cash/Receivable.
- Remove the asset from the balance sheet. Credit Fixed Asset (Net Book Value)
Recognize the resulting gain or loss. Debit/Credit Gain or Loss (Income Statement
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Machinery a/c will be debited in this case as machinery is coming into the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'. Cash a/c will be credited in this case as cash is going out of the business....
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