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any example should cover all three types of account in one
entry
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Answer Posted / subhash a.
My dear friend, U asked a rare but good question.
U can find a situation where a fixed asset of Rs. 100000
gross cost (on which Rs. 45000 depreciation was claimed till
year of sale). Hence, its WDV is Rs.55000. Now it is being
sold to Mr.X for Rs.75000.
Entry is:
Mr.X (Personal A/c) Dr. 75000
Accumulated Depreciation (Rep. Personal A/c)Dr. 45000
To Fixed Asset (Real A/c) 100000
To Profit on Sale of Fixed Asset (Nominal A/c) 20000
Readers might be aware that Prefixed or Suffixed nominal a/c
is a representative personal a/c. Hence, Accumulated
Depreciation A/c is considered as Representative Personal A/c.
| Is This Answer Correct ? | 2 Yes | 0 No |
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