Transaction 8) On 31st July, 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.

Can you please:

a) Explain this statement & b) Provide adjusting journal entries for this statement.

Thank you!