Forums
Accountancy
Investment were sold for Rs 75000 at a profit of Rs 15000 and passed through sales account
DIVYA S
CA Final
★ 52K+
27-Feb-20 15:39
658
Answers (4)
Sales a/c dr 75 000 To investment a/c 60 000 To P/L a/c 15 000
jsome jsome
CA Inter
★ 575
27-Feb-20 16:00
Sales a/c 60,000 To investment a/c. 60,000
Nandeep Reddy
★ 170
27-Feb-20 22:44
There is no effect on profit and loss account
27-Feb-20 22:45
Since 75,000 was credited to sales, entire amount must be reversed.
CA Suraj Lakhotia
Admin
29-Feb-20 06:19