Sale of old furniture recordrd as sales a/c. recify it

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Question Posted / satyaki_raju@yahoo.com

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Sale of old furniture recordrd as sales a/c. recify it..

Answer / raju kumar

cash or bank a/c dr.

To sale a/c
if you are saller of furniture in that case you can do
entry as above. oterwise if that furniture was as a fixed
assets your rectify entry will be as under

sale a/c dr.
to furniture a/c
because time your furniture is as a fixed assets and this
case you can not treat as a normal sale.

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5 Yes

0 No

Sale of old furniture recordrd as sales a/c. recify it..

Answer / gurumurthi javaji

cash a/c ...........Dr
To Old furniture a/c

why because according to Real a/c principle:
Debit what comes in , credit what goes out.

Is This Answer Correct ?

3 Yes

1 No

Sale of old furniture recordrd as sales a/c. recify it..

Answer / vikram

Sales a/c
to old furniture