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how the loss on sale of furniture will be entered in
accounting books

Answers were Sorted based on User's Feedback



how the loss on sale of furniture will be entered in accounting books..

Answer / safayat

Hi Im Safayat. It will be recorded as follows:

Cash/Bank account Dr.
Loss on sale of furniture account Dr.
Accumulated depreciation account Dr.
Furniture account Cr.

Is This Answer Correct ?    3 Yes 0 No

how the loss on sale of furniture will be entered in accounting books..

Answer / pratish.m

Debit cash/ bank A/c-------- xxxxx
Debit Depreciation A/c------xxxxx
Credit Furniture A/c------ xxxxx

Is This Answer Correct ?    5 Yes 3 No

how the loss on sale of furniture will be entered in accounting books..

Answer / prakash

Bank a/c Dr xxxx
Profit&Loss a/c Dr xxxx
(loss)
To Furniturea/c xxxx

Is This Answer Correct ?    2 Yes 1 No

how the loss on sale of furniture will be entered in accounting books..

Answer / kannan

The loss you incurred is just like a discount you allowed to them , so the entry is

cash a/c Dr
Discount allowed a/c Dr
To Furniture a/c

Is This Answer Correct ?    0 Yes 5 No

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