What will be journal entry of cost of goods sold.
Answers were Sorted based on User's Feedback
Answer / ca.dushyant kumar
lets Take a example
Opening Stock Rs 1000 dr
Purchase Rs 2000 Dr
Closing stock Rs 500 Dr if the same is shown in Trail
balance,
The formula for cost of goods sold =opening stock+Purchase -
closing stock. it means ultimately we debit in trading and
profit and loss accont is Rs 2500/-
So the Journal entry would be
Trading and profit and loss account dr Rs 2500
To Cost of goods sold Rs 2500
( Being cost of goods sold transferred to P/l Trading
account)
| Is This Answer Correct ? | 62 Yes | 6 No |
Answer / jitendra kumar mishra
CostP/L A/C dr
To cost of goods sold A/C
(being cost of goods sold transfered to costing p/l a/c)
| Is This Answer Correct ? | 17 Yes | 5 No |
Answer / anshuk doliya
their is no special journal entey of cost of good sold
just a simple entry
cash / party name/ bank A/c. Dr
To sale A/c
if cost of good sold calculated then apply this formula
cost of good sold = opening stock + purchases - closing
stock
OR
= Sale - gross profit
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / shyam singh rana
trading a/c---------------dr
To cost of goods sold A/c
| Is This Answer Correct ? | 6 Yes | 4 No |
Answer / gowda
Cash A/c Dr
TO Goods a/c
Cash:real A/c debit wt comes in
goods: also a real a/c hence credit wt goes out.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / ramakrishna s
CASH A/C ............DR
TO SALES A/C
(HERE IN THE QUESTION, PARTIES HAVE NOT MENTIONED MORE OVER
IT IS COST INVOLVED WHILING SELLING SO WE USE CASH A/C BY
DEFAULT...)
| Is This Answer Correct ? | 4 Yes | 4 No |
Answer / priya
well, people are posting the same answers lol :)hmm anyways
good :)
| Is This Answer Correct ? | 3 Yes | 3 No |
loan a/c is blong to which a/c acc. to golden rule
what is trial balance.?
RPC Ltd. follows the written down value method of depreciating machinery year after year due to (a) Comparability. (b) Convenience. (c) Consistency. (d) All of the above
What is a ledger?
what is a journal entery of goodwill?
15 Answers Capital IQ, Genpact, Sujana,
What is Amortisation? What is the difference between depreciation and amortisation?
who will appoint first board of director of the company
How to show discount received in Tally?
Give 15 examples for real and nominal accounts
What does the investment of personal assets by the owner will do?
I paid internet charges for my firm.how to pass journal entries?
Is transfer Profit / loss account to capital account important in Tally ERP 9 at the end of the financial year? And what is the benefit of transferring P/L account to Capital account ? Please I want someone to answer my question, this is my second question I posted one question 2 days ago also nobody reply to that question. Thank you.