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What else can I help you with?
When you made sale is it compulsory to make journal entry?
Whenever any business transaction occur It is compulsory to make journal entry so this is true in case of sales as well.
How do you post a journal entry for sale of a vehicle with depreciation?
debit cash / bankdebit accumulated depreciationdebit loss on sale (if any)credit assetcredit profit on sale (if any)
What is the journal entry to record sale of obsolete inventory?
Debit cash / bankdebit loss (if any)Credit inventory account
How do you pass journal entry for vehicle sale?
Debit cash / bankdebit accumulated depreciationdebit loss (if any)Credit Vehicle accountcredit profit (if any)
When is journal entry made?
Journal entry is made as soon as when any business transaction occur in business.
What is book of original entry?
"Journal" is called as book of original entry because at the occurance of any business transaction, entry is first of all recorded in journal.
What is the journal entry to remove asset before it is fully depreciated?
[Debit] Cash / bank xxxx [Debit] Loss on sale of asset (if any) xxxx [Debit] accumulated depreciation xxxx [Credit] Asset xxxx [Credit]Profit on sale of asset (if any) xxxx
Why use journal entry?
Journal entry is the first step in accounting process and it is used to record the business transections and without recording journal entry it is not possible to generate any kind of report as well as preparation of income statement or balance sheet.
Why narration of a journal entry starts with the word Being?
Being able to follow the dictates of your inner muse allows you to start your journal entry with any word you choose.
What happends when recording a journal entRy?
When recording done as journal entry any business transaction is recorded in books of accounts and become part of business books of accounts.
What is as journal entry?
Journal entry is the first record in books of accounts which shows any business transaction that occurred in past and it is also called "original entry" which provides basis for all other reports and statements.
In tally 9 how to delete any journal entry?
press alt+del
