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 / 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)
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