Of course, following split transaction can be posted
Sale with profit: selling at 3500
Debit - cash or bank - 3500
Credit - asset - 2300
Credit -gain on sale : 1200
Sale with loss : selling at 2000
Debit - cash or bank - 2000
Credit - asset - 2300
Debit - loss on sale - 300
Paras
Please folks, at least speaking for myself, I am not "qualified" to give
accounting advice, especially with regard to what might be potentially
taxes and tax filings. The answer to questions like this are dependent
on jurisdiction and type of entity.
Thus here in the US and keeping books for a non-profit, that would not
do. The NET gain or loss is not enough. Will need the gross "sales" and
"cost of goods sold". The net gain or loss is not a line item on the
990/990EZ but those two are. If you just have the net, how so you know
the two numbers whose difference* is that net? A net of 40 could be 50 -
10, 70 - 30, 140 - 100, etc.
When an accounting question (as opposed to a gnucash question) we should
always say "get professional advice" or look up in a standard accounting
text. Even if we then go on to what we think is the answer,
Michael D. Novack
* actually the sum, as these have opposite sense. Addition is well
defined without negative numbers but subtraction requires negative
numbers to be well defined. Double entry bookkeeping did not involve
subtraction because it is older than the general acceptance of negative
numbers in Western math. In other words, the sum of "cost of goods sold"
and "sales" will be either a debit or a credit (if a debit, a loss; if a
credit, a gain --- the fundamental type is equity)
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