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If a company purchase the goods for rs. 100 and intends to
Sell it for 200.
What is the journal entry for this?
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Answer Posted / avirup chaudhuri
I feel so far we don't have the right answer for the
question mentioned,though i'm not criticising anybodies
answer here, but I am writing what my knowledge says :
1stly,In the question,nowhere is mentioned that, goods are
sold.Intention should not be materilised.So, we should not
pass journal entry
2ndly,Here creditors name is not mentioned.so, no question
of writing creditors name here.
Answer for this question:
Purchase A/c----------Dr. 100
To cash A/c 100
(Being the goods purchased)
| Is This Answer Correct ? | 7 Yes | 1 No |
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