A)How will you deal with sale of furniture at profit in income and expenditure account?
B)How will you deal with sale of furniture at loss in income and expenditure account?

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Solution

The sale of furniture at profit or loss is not recorded in Income and Expenditure A/c but only the profit on sale of furniture or loss on sale of furniture is recorded on the credit or debit side of Income and Expenditure account respectively.

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A)How will you deal with sale of furniture at profit in income and expenditure account?B)How will you deal with sale of furniture at loss in income and expenditure account?

The sale of furniture at profit or loss is not recorded in Income and Expenditure A/c but only the profit on sale of furniture or loss on sale of furniture is recorded on the credit or debit side of Income and Expenditure account respectively.

A)How will you deal with sale of furniture at profit in income and expenditure account?
B)How will you deal with sale of furniture at loss in income and expenditure account?