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Sale of furniture by a furniture dealer for cash is debited to:

This question was previously asked in
UP TGT Commerce 2019 Official Paper
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  1. Cash account
  2. Sales account
  3. Furniture account
  4. None of the above

Answer (Detailed Solution Below)

Option 1 : Cash account
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Detailed Solution

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The correct answer is Cash account

Important PointsSale of Furniture:

  • Sale of old furniture brings in cash for the Business.
  • There is cash inflow, so Cash Account will be debited.
  • Since Furniture is moving out of business it will be credited.

Journal Entry:

Particulars Debit Credit
Cash A/c                                Dr. xxxxxx  
       To Furniture   xxxxx
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