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

Answer / shankar

cash a/c. . . . Dr xxxxx
To sales a/c xxxx

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

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)

Answer / bipin

Since cogs is an expense.....

Expenses a/c.......dr
To goods a/c.

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

Answer / sunil pandey

Cash or Bank or Party Name Rs. 10000/- Dr
To Goods(Material sales) Rs. 10000/-
(Being Good sold for Rs. 10000/-)

Answer / dipali

goods a/c ....dr
To, cash a/c

Answer / ramakrishna

Goods a/c........dr
To Cash a/c

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.

what is liability? give some entry

4 Answers   Accenture,

What is reserves

2 Answers   Sterlite,

Suppose A company is giving salary to its employees on 10th of every month. So on which date the salary payable entry will be passed/due also tell what will be the general entry for salary payable

3 Answers   Enrich, Wells Fargo,

how can we make a TDS entry in tally 9? Rent EXp : 10000 TDS on rent : 10% Party name : Mr, X Bank : SBI

9 Answers   Nandan,

A business sold goods valued at R1000 excluding vat on credit to a customer. What would be the debit to the customers account if vat is 14% ?

1 Answers  

As you know any other accounting application?

0 Answers  

Explain the term account payable?

0 Answers  

How to take the closing balances of all ledgers into next financial year as opening balances in tally?

2 Answers  

What is the treatment of loan and its interest in trading profit and loss ,balance sheet

3 Answers  

What is book Pfofit ?

3 Answers  

Difference between Accounting Concepts and Conventions

1 Answers   Genpact,

Our company deposited an amount of 20000 as FD . After the maturity period we are not received any interest and the bank deducted 2938 amount as TDS from our interest and added the interest to the principle amount and renewed the FD. then what is the journal entry for the same.

2 Answers   Spice Telecom,