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Sales of office furniture should be credited to
- a)Furniture Account.
- b)Sales Account
- c)Purchase Account.
- d)Cash Account
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Sales of office furniture should be credited toa)Furniture Account.b)S...
The sale of furniture is credited to the furniture account.
Most Upvoted Answer
Sales of office furniture should be credited toa)Furniture Account.b)S...
Its answer should be option b furniture account. Because it is office furniture not our goods. Only our business goods sale should be credited into sales account. Furniture is not our goods here it is our asset so it should be credited into furniture account.
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Sales of office furniture should be credited toa)Furniture Account.b)S...
Explanation:
Sales of office furniture should be credited to Furniture Account. The reason for this is that the office furniture being sold is an asset of the business and therefore its sale should be recorded as a credit to the Furniture Account.
The Furniture Account is a nominal account and is a part of the balance sheet. It is used to record the cost of furniture purchased by the business and any depreciation that may be charged against it. When furniture is sold, the cost of the furniture is reduced by the amount of depreciation charged and the balance is credited to the Furniture Account.
The Furniture Account is also used to record any additions or disposals of furniture during the year. The balance of the account at the end of the year represents the net book value of the furniture owned by the business.
Therefore, the correct accounting entry for the sale of office furniture would be:
Debit: Cash Account (as the business is receiving cash for the sale)
Credit: Furniture Account (as the business is reducing the value of its assets by the amount of the sale)
In summary, the sale of office furniture should be credited to the Furniture Account as it is an asset of the business and its sale reduces the value of the asset.
Sales of office furniture should be credited to Furniture Account. The reason for this is that the office furniture being sold is an asset of the business and therefore its sale should be recorded as a credit to the Furniture Account.
The Furniture Account is a nominal account and is a part of the balance sheet. It is used to record the cost of furniture purchased by the business and any depreciation that may be charged against it. When furniture is sold, the cost of the furniture is reduced by the amount of depreciation charged and the balance is credited to the Furniture Account.
The Furniture Account is also used to record any additions or disposals of furniture during the year. The balance of the account at the end of the year represents the net book value of the furniture owned by the business.
Therefore, the correct accounting entry for the sale of office furniture would be:
Debit: Cash Account (as the business is receiving cash for the sale)
Credit: Furniture Account (as the business is reducing the value of its assets by the amount of the sale)
In summary, the sale of office furniture should be credited to the Furniture Account as it is an asset of the business and its sale reduces the value of the asset.
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Sales of office furniture should be credited toa)Furniture Account.b)Sales Accountc)Purchase Account.d)Cash AccountCorrect answer is option 'A'. Can you explain this answer?
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Sales of office furniture should be credited toa)Furniture Account.b)Sales Accountc)Purchase Account.d)Cash AccountCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Sales of office furniture should be credited toa)Furniture Account.b)Sales Accountc)Purchase Account.d)Cash AccountCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sales of office furniture should be credited toa)Furniture Account.b)Sales Accountc)Purchase Account.d)Cash AccountCorrect answer is option 'A'. Can you explain this answer?.
Sales of office furniture should be credited toa)Furniture Account.b)Sales Accountc)Purchase Account.d)Cash AccountCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Sales of office furniture should be credited toa)Furniture Account.b)Sales Accountc)Purchase Account.d)Cash AccountCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sales of office furniture should be credited toa)Furniture Account.b)Sales Accountc)Purchase Account.d)Cash AccountCorrect answer is option 'A'. Can you explain this answer?.
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