Interested to Buy Any Domain ? << Click Here >> for more details...
If I purchased a machinary of Rs. 50,000 and Received a
free printer of Rs. 3000 . What its Accounting entry?
- 15 Answers
- 29916 Views
- I also Faced
- E-Mail Answers
Answer Posted / kag
At the time of Purchase of Machinery (Always try to first pass the entry by using name of party and then pass payment entry it will help us to keeping record in better way)
1)Machinery A/c Dr 50,000
To Party A/c 50,000
2)Party A/c Dr. 50,000
To Cash/bank A/c 50,000
For getting Gift
Printer A/c Dr 3000
To Free Samples Received 3,000
Free Samples transferred to P&L Account At the year end.
Free Samples Received A/c Dr 3,000
to P&L A/c 3,000
(Now we have 2 assets generated in this year pass depreciation entry on both of them)
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
how to prepare the balance sheet of private ltd. company & what roll should be play by Income tax, compnay law & accounting standard in India & world.
cany anyone explaing what are the functions of an Account Officer/Manager?
why did rbi hiked repo and reverse ratio and how it will effect the market
How can a Society be converted to a Private Limited Company in the Real Estate Industry and at the same time have the least tax liability upon it's profits earned during the financial year closing
Expand------------STRA
Mostly what type of manufactures are coming under TDS and basic rate for each category
WHAT IS THE DIFFERENCE BETWEEN COST CONTRL & COST REDUCTION
what would you contribute for bhels growth
joint venture?
paid two years rent N1200, bought Motor van for cash N3000
What is the accounting treatment for finance lease in lessee's viewpoint?
Expand CASA
Expand ________FOR
What is the Accounts Payable & Accounts Receivable ?
Why does one need a broker?
