Gains and Loss Debit Credit Examples, Concepts, Illustrations, sample help online
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Gain and Loss Concept
It is very important to understand the basic difference between the terms revenue, income and gain. Gain means an increase in the value of an asset. A gain arises if the selling price of the asset is higher than the original purchase price. Similarly, loss means the amount realized from the sale of an asset is less than the book value of the asset. Gains and losses from sale of fixed assets is known as capital gain and capital loss.
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Gains and Loss Debit Credit illustration
This can be well illustrated with the help of Gains and Loss Debit Credit Examples.
Example 1: Mr.X a trader had an old machinery of value $10,000 and was sold for $11,500. Since there is gain on sale of the asset so cash account will be debited for the amount received, asset account will be credited and gain on sale of asset account will be credited.
Example 2: Mr. X a trader had an old machinery of value $10,000 and was sold for $9500. Here there is loss on sale of the asset, therefore cash account will be debited for the amount received and loss on sale of asset account will also be debited and the asset account will be credited.
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