Multiple choice

Sales of old furniture of Rs. 10,000 for cash at Rs. 8,000 should be credited to

  1. furniture account with Rs. 8,000

  2. furniture account with Rs. 10,000

  3. cash account with Rs. 8,000

  4. furniture account with Rs. 8,000, profit and loss a/c with Rs. 2,000

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The correct entry is: Cash account____ Dr. 8,000 Profit and loss a/c__ Dr. 2,000 To furniture a/c         10,000