Question

Journal entry for sold plant and machinery

Answer 1

Debit the cash account in a newjournal entry in your double-entry accounting system by the amount for which you sold the business property. A debit increases the cash account, which is an asset account. For example, assume you sold equipmentfor $40,000. Debit cash for $40,000 in a new journal entry.

Answer 2

Answer:

debit the cash A/C and credit the plant and machinery account