any example should cover all three types of account in one
entry



any example should cover all three types of account in one entry..

Answer / subhash a.

My dear friend, U asked a rare but good question.

U can find a situation where a fixed asset of Rs. 100000
gross cost (on which Rs. 45000 depreciation was claimed till
year of sale). Hence, its WDV is Rs.55000. Now it is being
sold to Mr.X for Rs.75000.

Entry is:
Mr.X (Personal A/c) Dr. 75000
Accumulated Depreciation (Rep. Personal A/c)Dr. 45000
To Fixed Asset (Real A/c) 100000
To Profit on Sale of Fixed Asset (Nominal A/c) 20000

Readers might be aware that Prefixed or Suffixed nominal a/c
is a representative personal a/c. Hence, Accumulated
Depreciation A/c is considered as Representative Personal A/c.

Is This Answer Correct ?    2 Yes 0 No

Post New Answer

More Accounting General Interview Questions

If A Company pays amount thru bank for a supplier deducting tds on behalf of B company. Accounting entries to be made in company A and B

1 Answers   Farmax,


What is the TDS rate in Maharastra, Tamil Nadu, Karnakata,Odisha & West Bengal. What is about Profession Tax.

0 Answers  


My company has just bought a car. The breakdown is as below: cost of the car = 50000 Interest = 15000 Registration fee = 500 Road tax (first year) = 1800 Please show me the correct entries in the books Thank you

6 Answers  


How to entry cash & credit card sales in Tally ERP in One sales vocuher pls help me in this?

6 Answers  


Purchased 10 pcs Mouse @ 230 from TC Ltd and get another 2 pieces as free sample.

4 Answers  






Explain the concept of responsibility accounting

0 Answers  


how much the minimum basic salary to calculate p.f.

15 Answers  


How can you do credit control?

0 Answers  


what is differenct between capital expenditure and revenue expenditure?

5 Answers  


Can CPF share given by govt. added in the Financial gross salary while calculating Total gross salary at the end of Financial year.For eg: My gross salary is Rs.X during a Fin. year & govt share of CPF is Y then Total Fin. Year gross salary is =X+Y,is it correct?

0 Answers  


can we adjust margin money paid to bank to open a Bank Guarantee in stock statement while calculating Drawing Power

0 Answers   Ram and Associates,


Explain me have you ever heard about tds, what it is?

0 Answers  


Categories