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.

Answer / pratish.m

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

Answer / prakash

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

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

Can i clarify, whether VAT & Service Tax are Proffit & Loss A/c items (or) Balance Sheet Items.

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