UPSC Exam  >  UPSC Questions  >  Plant-machines(factory) is given in trial bal... Start Learning for Free
Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above?
Most Upvoted Answer
Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit...
Adjustment Entry for Plant-Machines
Plant-machines are recorded in the trial balance as an asset under the debit side. However, adjustments need to be made for any plant-machines that were sold or purchased but incorrectly recorded as goods sold or purchased.

Sold Plant-Machines Adjustment
- Plant-machines sold for ₹2000 were incorrectly recorded as goods sold on 1-4-2016.
- The correct entry should be to decrease plant-machines by ₹2000 and recognize a loss on the sale of ₹400 (calculated as selling price ₹1600 - cost price ₹2000).

Purchased Plant-Machines Adjustment
- Plant-machines purchased for ₹4000 were incorrectly recorded as goods purchased on 1-10-2016.
- The correct entry should be to increase plant-machines by ₹4000 and recognize the correct asset value in the balance sheet.

Entry for both Adjustments
- Debit Loss on Sale of Plant-Machines (P&L Account) ₹400
- Debit Plant-Machines (Asset) ₹4000
- Credit Plant-Machines (Asset) ₹2000
- Credit Goods Sold (P&L Account) ₹1600
- Credit Goods Purchased (Trading Account) ₹4000
By making these adjustments, the trial balance will accurately reflect the true value of plant-machines in the factory.
Explore Courses for UPSC exam

Similar UPSC Doubts

Top Courses for UPSC

Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above?
Question Description
Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above?.
Solutions for Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above? defined & explained in the simplest way possible. Besides giving the explanation of Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above?, a detailed solution for Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above? has been provided alongside types of Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above? theory, EduRev gives you an ample number of questions to practice Plant-machines(factory) is given in trial balance(dt- 31-3-2018) debit side and amount of it is 42000 . In adjustment,plant-machines of ₹ 2000 is sold for ₹1600 which was recorded as goods sold on 1-4-2016. Next adjustment is = on 1-10-2016 plant-machines of ₹4000 was purchased which was recorded as goods purchase. What is entire entry for all of the above? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev