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npo
Accountancy
in npo chapter sale of equipment goes to which account b/s or income and expenditure?
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Best Answer
In case of sale of fixed assets by a non profit organisation the gain or loss if any will be recorded in the income and expenditure account, the cash proceeds will be recorded in receipts and payments account and the cost of the amount is deducted from the respective asset in the balance sheet.
Thread Starter
Fayis Ethen in profit organisation ?
In normal organization we record the profit that is (sale - wdv) in p/l a/c , cash received in cash a/c and deduct the wdv in balance sheet and charge depreciation accordingly
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