Interested to Buy Any Domain ? << Click Here >> for more details...
What will be journal entry of cost of goods sold.
- 21 Answers
- 44174 Views
- Cura HealthCare, Ernst Young, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
. Expenses a/c. Dr. To vendor a/c. Cr. What is an impact of this transaction on business
What software applications have your used for accounts receivable?
HOW PASS A TDS DUE ENTRY
definition of debenture ?
What is liabilities and what all does include in current liabilities?
what is average due date ?
1.What is security premium? 2.Difference between debt security and securitization? 3.Operating leverage and financial leverage examples? 4.Revenue and provision ,,,,differences? 5.EOQ...and its defination purpose of its use...?
Cheque in hand is current asset or fixed asset...?
how to do asset appreciation in sap?
paid landlord rs 1.200 for rent one -third of the premises is occupied by proprietor for his own residnce what will be the entry
3 Answers Chartered Accountant,
Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not?
Audit 
