What will be the Journal entry for these transaction-
Sold goods costing Rs.20,000 for Rs.30,000 on cash

Answer Posted / shankar

Cash ac -20000
To sale ac-30000
To profit ac-10000

Is This Answer Correct ?    2 Yes 2 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

What is cash flow and fund flow?

635


Tell me by saying, perpetual or periodic inventory system; what do we mean?

719


How can I put Bank Guarantee Receipt entry in Tally ERP9?

3328


Did you use accounting applications at your previous companies or prefer working manually??

612


Accounting transactions are recorded in accordance with thier legal form or substance. Briefly explain the legal form and substance of the accounting transactions and give one relevant example.

1659






Detail your responsibilities in accounts receivable

616


on what rate depreciation will be calculated?

1716


what is current rate of excies duty for a manufacturing company?

1618


Do you know offset accounting?

629


what is the right process for input credit of Service tax. and on which service i can take credit.

1392


we are a trading company providing devices and some times after sales service. when any defect came we just replace the hardware from another defective device and getting the payment from the customer. how can we account that? is there any tax implications for this?

2737


What is short term solvency ratio?

649


what is general accounting

1692


What is deferred account?

674


can i direct payment made t code f-53 to bsnl agst telephone exp.? or 1st create a/c.of bsnl and book in fb60 then payment made whose correct?

1569