If I purchased a machinary of Rs. 50,000 and Received a
free printer of Rs. 3000 . What its Accounting entry?

Answer Posted / ravindra

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



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