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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 / a.palani raja
Machnery A/c Dr 50,000/-
Printer A/c Dr 3,000/-
To. Discount Received A/c Cr 3000/-
To. Cash A/c Cr 50,000/-
Being Purchase of New Machnery and Received the free
Printer
| Is This Answer Correct ? | 33 Yes | 4 No |
if i had purchased a machinery worth of RS 50000
the journal entry for this is machinery is an asset
and forthis rule of real account applies
RULE - "DEBIT WHAT COMES IN CREDIT WHAT GOES OUT
ENTRY - MACHINERY A/C dr 50000
to cash 50000
[being machinery purchased with cash]
conclusion - here for purchasing machinery worth of RS
50000 he received printer worth of RS 3000 as printer is
also asset printer is comming in and nothing is going out]
| Is This Answer Correct ? | 16 Yes | 8 No |
Answer / ritesh kumar
purchased machinery for business purpose.
so what will the jouranal entry pls reply sir.....
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / surya
At the time of Purchase of Machinery
Machinery A/c Dr 50,000
To Vendor/Cash 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
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / prasun kumar ghoshal
Plant & Machinery A/c Dr. 50000
Printer A/c Dr. 3000
To Cash A/c 50000
To Capital Reserve A/c 3000
(Being machinery purchased for cash and printer is a fixed
asset in nature, received for free; the money value of the
printer is trasferred to capital reserve)
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / 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)
| Is This Answer Correct ? | 0 Yes | 0 No |
if printer is the part of machinery then entry would be
Machinery A/c dr 50000.00
To cash a/c 50000.00
because we are paying only 50000.00 for machinery
(Being machinery purchased)
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / satyaki_raju@yahoo.com
Dear Srinivasa Rao garu according to you not only the
printer thru purchase of machinery the entire things were
brought into business without investment.So go thru once
agin your answer and try to give correct answer. If you
feel trouble i will explain in detail if you send amessage
to my e.mail
| Is This Answer Correct ? | 1 Yes | 2 No |
Answer / sankeerthana
He has to pay whole agreed price to the supplier there will
not be any discount in payment. As a gift he recd printer
along with machinery then the entry will be
Machinery a/c Dr 50000
Printer a/c Dr 3000
To Other income 3000
To cash a/c 50000
(being paid for machinery and the receipt of printer was
taken as other income and will be taken in the asset and
profit and loss a/c)
| Is This Answer Correct ? | 1 Yes | 2 No |
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