What will be journal entry of cost of goods sold.
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Answer / rahul jaiswal
Since cogs is computed by the following equation i.e opening stock+ net purchases+ all direct expenses-closing stock. There can't be single journal entry for this. The following journal entries are required to pass.
(1) for transfer of opening stock to trading a/c.
Trading a/c dr.
To opening stock a/c
(2) For transfer of net purchases to trading a/c.
Trading a/c dr.
To purchases a/c
(3) For transfer of direct exp. to trading a/c.
Trading a/c dr.
To direct exp. a/c
(4) For transfer of closing stock to trading a/c.
Closing stock a/c dr.
To trading a/c
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / lakshmi
Example: ABC International has a beginning balance in its inventory asset account of $500,000. It buys $450,000 of materials from suppliers during the month. At month-end, it counts its ending inventory and determines that there is $200,000 of inventory on hand. The cost of goods sold journal entry is?
Cost of goods sold expense 750,000
To Purchases 450000
to investory(5L-2L) 300000
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / surabhi gupta
Trading & P&L A/C dr. 1000
To Cost of goods sold 1000
(being cost of goods sold transferred to Trading & P&L A/c)
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / bipin
Since cogs is an expense.....
Expenses a/c.......dr
To goods a/c.
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / nurulla
OPENING STOCK a/C DR
PURCHASES A/C DR
CARRIAGE INWARD A/C DR
TO SALES A/C
TO CLOSING STOCK A/C
| Is This Answer Correct ? | 2 Yes | 5 No |
Answer / sunil pandey
Cash or Bank or Party Name Rs. 10000/- Dr
To Goods(Material sales) Rs. 10000/-
(Being Good sold for Rs. 10000/-)
| Is This Answer Correct ? | 6 Yes | 11 No |
Answer / vadeendra
cost of goods sold A/c dr
to profit and loss a/c
cost of goods sold is an expense so it should be debited.
| Is This Answer Correct ? | 1 Yes | 8 No |
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