Question : An old computer completely written off was sold for Rs. 2,000 as scrap. Choose the correct Journal entry
Option 1: Computer account debited by Rs 2,000 and credited revaluation account Rs 2,000
Option 2: Revaluation account debited by Rs 2,000 and credited computer account Rs 2,000
Option 3: Debited bank account by Rs 2,000 and credited revaluation account by Rs 2,000
Option 4: debited revaluation account Rs 2,000 and credited bank account by Rs 2,000
Correct Answer: Debited bank account by Rs 2,000 and credited revaluation account by Rs 2,000
Solution :
Answer (C)
Debited bank account by Rs 2000 and credited revaluation account by Rs 2000
Bank A/C..........Dr 2000
To Revaluation AIC 2000
Hence, the correct option is 3.
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