Journal entry
Khalid Masroor (Teacher) (99 Points)
25 June 2016
Journal entry required: Horse as an Asset (used in business activities) worth Rs 10000 died and carcass sold for Rs 3000
Khalid Masroor (Teacher) (99 Points)
25 June 2016
LAHAM
(XXX)
(27 Points)
Replied 25 June 2016
P&l a/c 7000 dr
sale of carcass a/c 3000 dr
to livestock a/c 10000 cr
Khalid Masroor
(Teacher)
(99 Points)
Replied 25 June 2016
Though Horse is an asset in this case, does it mean all capital losses will be transferred to P&L a/c in one year only.
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