If I purchased a machinary of Rs. 50,000 and Received a
free printer of Rs. 3000 . What its Accounting entry?
- 15 Answers
- 27642 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
which name written in Tan application form Applicant is sole proprieter companies name or individual name?
For what purpose ERS is used for?
discounted our own note 60-18% for 4,500 note. the proceeds will be directly credited to bank account. what is the entry of this?
In case of new admission of partner what will be the adjustment for the sharing ratios
what is mean by account concept,and how to perpare a full accounting concept journal,ledger,trail balance,and balance sheet how it will prepare in upto fainalaztion.
what is cost audit?
WHY LOSS IN BUSINESS IS SHOWN IN ASSETS SIDE OF BALANCE SHEET? WHY EXCISE DUTY IS DEDUCTED FROM THE GROSS SALES TO ARRIVE NET SALES? WHY SALES TAX IS NOT DEDUCTED FROM SALES TO ARRIVE NET SALES?
i need sbi bank clerk exam model question papers
Can u please give me example of bonds? is National savings certificate a Bond?
your parents have lent you $20,000 to buy a car and have told you to pay it back whenever you like in conceptual framework
Can you please help me calculate the pre tax profit for credit card for 2014 using the following Assumptions. Request you to list the steps used. Charges Late fee £12 per occurrence Over limit fee £10 per occurrence Cash fees 3% of cash withdrawal value Annual Fee £25 per account, per year Interchange 1% of transaction value KPIs Accounts overdue 10% per month Accounts over limit 15% per month Average APR 30% Balances revolving 90% of balance Average balance £900 at end of 2013 Expected growth in average balance (2014) 10% per annum Assumptions Open accounts 200,000 at 2013 year-end New accounts booked 5,000 per month Annual operating cost £50 per open account Cost of Acquisition £50 per account Provision rate 9% of total balances Annual cost of funds 4% by balance Charge off Unit charge-off rate in 2014 11% of accounts at 2013 year-end Unit charge-off rate in 2014 0% of accounts booked in 2014 Post charge-off recoveries 20% of balance Account Transactions Monthly turnover 5% of total month end balances Cash advances 20% of monthly turnover Additional Assumptions Please state any additional assumptions you have made to calculate your answer Thanks in advance,
what is the process of excise duty?
while passing a journal entry we rite dr. for the a/c to be debited but why don't we write cr. for the a/c which is credited and instead write 'TO'??
How to reconsile vendor accountswhat to add and subtract is there any standard form please get me answer
I work in a semi govt society. We purchased a flag for celebrating independence day in office premises . Plz tell me under what head / ledger of exp it comes
