If I purchased a machinary of Rs. 50,000 and Received a
free printer of Rs. 3000 . What its Accounting entry?
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Answer Posted / kag
At the time of Purchase of Machinery (Always try to first pass the entry by using name of party and then pass payment entry it will help us to keeping record in better way)
1)Machinery A/c Dr 50,000
To Party A/c 50,000
2)Party A/c Dr. 50,000
To Cash/bank A/c 50,000
For getting Gift
Printer A/c Dr 3000
To Free Samples Received 3,000
Free Samples transferred to P&L Account At the year end.
Free Samples Received A/c Dr 3,000
to P&L A/c 3,000
(Now we have 2 assets generated in this year pass depreciation entry on both of them)
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