Journal entry

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chaitra (Querist)
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25 June 2015 Purchase of machinery and sale of machinery.
AND
Profit on sale of machinery and loss on sale of machinery, in manufacturing concern,
what is journal entry for this?

Please explain me with example by taking assumption Value and
where to take in tally in Journal(F7) Or Where

Ankur Singhal

Ankur Singhal (Expert)
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25 June 2015 Dear Chitra
For Purchase
Machinery A/c Dr.
To Bank/Mr.XYZ.
For Sale
Bank/ Mr.XYZ a/c DR.
To Machinery.
For Profit on sale

Bank/ Mr.XYZ a/c DR.(Sale Value)
To Machinery.(Value appearing In B/S)
To P&L A/c (Balancing Figure)
Similarly P&L a/c will be debited in the above entry in case of loss

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