Question

Journal Entry for Sold Furniture out of those ment for resale ₹1500​

Answer 1

Answer:

Journal Entry for the sale of furniture for cash:

Cash A/c …….. Dr

To Furniture A/c

[Being the sales furniture for cash ]

Cash A/c Debit because cash is (Real Account), and comes in, any type of assets comes in is debit based on Golden rules.

Furniture A/c is assets and assets is (Real Account). Therefore Furniture A/c Credit because of Cash a/c goes out, and any types of assets go out is credit based on the Debit and Credit Rules.

Rules:

Cash - Real Account - Comes in - Dr

Furniture - Real Account - Goes out - Cr

Golden Rules:

Personal Account:

Debit the Receiver, Credit the Giver

Real Account:

What cames in Debit and what Goes out Credit

Nominal Account:

Expenses & Loss Debit, and Income, Profit Credit

I hope this answer helps you.