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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 / *****
if purchase of goods on account:
Purchases 100
Accounts payable 100
if in payment of cash:
purchases 100
Cash 100
if the sales is on account:
Account Receivable 200
Sales 200
if tru payment of cash
cash 200
sales 200
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