Interested to Buy Any Domain ? << Click Here >> for more details...
What will be journal entry of cost of goods sold.
- 21 Answers
- 43920 Views
- Cura HealthCare, Ernst Young, I also Faced
- E-Mail Answers
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 |
what is book building
what is an assets?
What is a trial balance in accounting?
how to calculate the income in accounting ?
how to treat visa renewal expenses in a company ? is it a prepaid expense?
How to set/ determine Credit limit of a customer in Manufacturing and Trading Business?
what is the Journal entry for credit card bill paid from same bank account
Golden Words Of Accounting?
What is SOX?
when the ABC's personal bank to to his business bank money transferred(paid) then how to pass the entry.
what is the rate of vat,cst,in mumbai
Do you know what is icai?
Audit 
