Question

Sold machinery for cash-Journal entry

Answer 1

Hey there !!!

in selling of machine cash comes in .
so , In real account debit what comes in and credit what goes out .

therefore , the journal of the given will be ;-

cash a/c. Dr .

to sales account

hope it helps !!

be brainly♥

Answer 2

Answer:

Explanation:

Machinery sold for cash:

Debit cash for the amount of cash received, credit machinery for the total balance of that particular piece of machinery (consult your depreciation schedule), debit accumulated depreciation for the full amount of depreciation taken on the machinery and the balance (could be a debit or a credit) would go to Gain/loss on sale of machinery.

Machinery bought for cash would simply be:

Debit machinery for the full amount paid by credit cash.

      In the books of the Journal Entry

particulars                        amount   amount

machinery A/C Dr.               *****

   To, cash A/C                                    *****

[ being machinery sold in cash ]