Accounting Principles and Practices

The furniture is an asset. What comes in  business will be debited. In this transaction, furniture comes in the business. Hence, "Furniture A/c" is debited and the capital expenditure spent for asset is also debited. In this transaction amount spent on repairs of old furniture should be debited to "Furniture a/c".  We paid cash for purchasing  old furniture hence, "Cash A/c" is credited.

Depreciation is a classic example of an adjusting entry made at the end of an accounting period to allocate the cost of a fixed asset over its useful life.

A journal proper is the book of original entry in which only those entries are recorded that cannot be recorded in the special journal. It is also termed as a General Journal. When the journal is divided into various subsidiary books, it remains only a residuary book in which only those transactions are recorded that cannot be recorded in any other subsidiary book. In such a case, the journal is called as Journal proper. Purchase of asset on credit can neither be recorded in the cash book or the purchase book because cash book only records cash transactions and purchase book only records the credit purchase of goods. Thus purchase and sale or return of purchased or sale asset on credit is recorded in journal proper.

A journal proper is the book of original entry in which only those entries are recorded that cannot be recorded in the special journal. It is also termed as a General Journal. When the journal is divided into various subsidiary books, it remains only a residuary book in which only those transactions are recorded that cannot be recorded in any other subsidiary book. In such a case, the journal is called as Journal proper. Purchase of asset on credit can neither be recorded in the cash book or the purchase book because cash book only records cash transactions and purchase book only records the credit purchase of goods. Thus purchase and sale or return of purchased or sale asset on credit is recorded in journal proper. In our question a second hand motor car  is purchased on credit which is fixed asset hence, it will be recorded in Journal proper.

The Sales Book is only for credit sales of goods dealt in by the business. Credit sales of assets or investments are recorded in the General Journal (Journal Proper).

The Purchase Day Book is reserved for credit purchases of goods for resale. Credit purchases of fixed assets are recorded in the General Journal.

Since the purchase is for a fixed asset (motor car) on credit, it does not belong in the Purchase Book (which is for goods) or the Cash Book. It is recorded in the Journal Proper.

Opening entries are passed at the start of a new financial year to bring forward the balances of assets, liabilities, and capital from the previous year's balance sheet.

Adjustment entries are required at the end of the accounting year to ensure that revenues and expenses are recorded in the correct period, adhering to the accrual basis of accounting.

Opening, closing, and adjustment entries are all non-routine transactions that do not fit into specialized books, so they are recorded in the Journal Proper.

Closing entries are used at the end of the accounting period to transfer the balances of temporary accounts (revenue and expense) to the permanent capital account (or income summary).

The sale of fixed assets (even obsolete ones) on credit is not a sale of inventory. Therefore, it is recorded in the General Journal, not the Sales Day Book.

The sale of an investment on credit is not a sale of inventory. It is recorded in the General Journal.

A journal is the book of original entry where transactions are recorded as they occur. This recording process follows a chronological order, meaning transactions are entered by date.

Purchase of assets or stationery is not meant for resale and will be held for a long term and increase the profit-earning capacity of the business over various accounting periods. Hence, transactions related to purchase of assets or stationery will be recorded in the journal proper. Whereas, purchase of assets for resale in which business deals are recorded under purchase book.