Journal entry

cash 26000::::dr

        to profit on sale 4000::::cr

        to depreciation2000:::::cr

        to machinery20000:::::cr

Agree with Mr. Akhil Sharma

Agreed with Sharmaji

That was great explanation by Sharmaji...

agreed with.

Good expnanation by Mr. Sharma.. Aggreed!! 

 1.  bank a/c                            dr.               26000

        to machinery a/c                                               18000

        to  residential expenses                                  1800

        to profit on sale of machinery                          6200

        to  depreciation a/c                                             2000

2.  residential expenses   a/c        dr.  1800

             to bank a/c                                                      1800

I suppose the following entry to be passed for the transaction what was been asked above....

1. Purchase of Machinery costing for Rs20000

                                          Mchinery a/c            Dr 20000

                                           Wages a/c              Dr       300

                                          Commission a/c     Dr    1500

                                                       To Cash a/c                                 21800

      (Being application of  source is been used towards above said transactions )

2.  Depreciaton Rs2000 and sale of machinery For Rs 26000

                                              Cash/ Bank a/c         Dr   26000

                                               Depreciaton a/cDr   2000

                                                         To Machinery a/c              28000

             (Being entry for sale of machinery and depreciaton of machinery).

3.    Profit on sale of Mahinery as follows...

               a)     Machinery a/c Dr     6200

                             Profit on sale of machinery a/c 6200

              b)  P&L a/c Dr   6200

                            To Profit on sale of mahinery a/c 6200

              (Being profit on sale of machinery has been transferred to P&L a/c)

 Thank q for giving me an oppertunity to workout on the same

 i suppose the above said information will be useful for the needful.

Dear goyal,

I am fully appreciated to Mr. sharma.

HOW ABOUT..

cash                  dr. 24200
wages               dr. 300
comm.              dr. 1500
                      To mach 18000
                      To P/L 8000

Originally posted by : Akarsh Goyal
	HOW ABOUT.. cash                  dr. 24200 wages               dr. 300 comm.              dr. 1500                       To mach 18000                       To P/L 8000

Absolutly not.....     

Please go with sharmaji.....

debenture holder agreed to take over freehold property book value rs 100000 at a valuation 120000 in part payment of their holdings & to provide additional cash of 130000 secured by a floating charges on companys asset at an interest of 8% pa.. amount of freehold property is 425000 6% dentures rs 3750000...can u tell me journal entry for internal reconstruction please

For accepting, property at a value higher than book value,

Debentures A/c             Dr.   120000

To Freehold Property                               100000

To Reconstruction A/c                               20000

For Bringing in additional funds,

Bank A/c                         Dr.    130000

To 6% Debentures A/c                            130000