09 July 2016
Seller had JCB/Machine financed by Bank, he sale it and takes cheque from purchaser in the name of financed bank and deposited direct to loan a/c for repayment of rest loan amount
what will be the journal entry for sale of fixed assets (JCB/Machine)
11 July 2016
For sale of machine: Loan a/c Dr. with selling price To Machinery a/c with selling price Pass another entry for transfer profit/loss on sale from machinery account to Profit/Loss on sale of machinery a/c. You can, of course, combine the profit/loss entry with the sale entry.
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