Furniture And Fixtures Purchased And Sold Journal Entries
Furniture & Fixtures (which are Fixed Assets / N on Current Assets ) are purchased and sold journal entries depend upon the use of these Assets whether these are purchased to use in the office or purchased for resale purpose as it is the main business’s product to sell on daily basis to its customers. These are debits in trial balance as these have favorable balance on debit side of T-Account. 1. When Furniture & Fixtures Purchased or Sold for Office Use In that case, we purchase furniture & fixtures for use in the office as a fixed asset to carry on the daily routine of the business’days. The journal entry for purchase of new furniture & fixtures of Rs. 500000 is shown below: Furniture & Fixtures a/c 500000 ...