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Prepare and provide adjusting journal entries

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On 31st July 2017, after the depreciation charge was made, the company sold some surplus to requirement Shop Furniture & Fittings that had a written down value of $12,400 at the same of sale, for $14,300.00 (GST inclusive) cash. The shop furniture & fittings had originally cost the company $25,000.

Question a) Explain this statement &

Question b) Provide adjusting journal entries for this statement.

Please also note that the $14,300 includes GST.

 

Reference no: EM132468384

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