Question

Sold house hold furniture for 2000 and amount is invested into business

Answer 1

We all think about it that there are two entries in. this


But only one entry is needed to passed here i. e sold house hold furniture for 2,000...and at rec. Will be invest in business

Sold furniture it means furniture is sold and in return cash is receive by it..

Such as

JOURNAL ENTRY WILL BE - -

Cash A/c Dr. 2,000

.. To furniture a/c. 2,000

[ being furniture sold on cash.]