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10. One third of the 60,000 goods2 pointssold at a profit of 10% on cost and halfof the payment is received in cashwhat amount received |
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Answer» Answer: Given "Goods costing rs 24,000 SOLD at a profit of 100/3 % . Half the payment received in cash." 100/3% (Typo error) ... 1/3 (after Correction) Cost Price= 24000 Profit = 24000 × 1/3 = 8000 Selling Price= 24000 + 8000 =32000 Of which half payment is recieved in cash.... 32000/2 = 16000 Remaining 16000 on credit... So this transaction affects 3 accounts ... SALES a/c ( being Goods sold) , Cash a/c ( half of the payment is recieved in cash) , Debtor a/c(remaining half on credit).. Sales a/c is a nominal account..(All incomes gains losses expenses come under it... Sales is an income) Cash a/c is a real account...(All the assets and Liabilities come under it.... Cash is an ASSET) Debtor is a Personal account..(As the Name suggests) The golden rules of accounting are... Personal Account - Debit the RECEIVER , credit the giver Nominal Account - Debit All expenses and losses, credit All incomes and gains Real Account - Debit what comes in , credit what goes out In contention with the above rules........ Cash should be debited.. Because its coming in Debtor Being the receiver should be debited.. Sales being an income should be credited... So the JOURNAL Entry will be.... Cash a/c Dr 16000 Debtor a/c Dr 16000 To Sales a/c. 32000 (Being Goods Sold) Read more on Brainly.in - brainly.in/question/4854179#readmore Explanation: Given "Goods costing rs 24,000 sold at a profit of 100/3 % . Half the payment received in cash." 100/3% (Typo error) ... 1/3 (after Correction) Cost Price= 24000 Profit = 24000 × 1/3 = 8000 Selling Price= 24000 + 8000 =32000 Of which half payment is recieved in cash.... 32000/2 = 16000 Remaining 16000 on credit... So this transaction affects 3 accounts ... Sales a/c ( being Goods sold) , Cash a/c ( half of the payment is recieved in cash) , Debtor a/c(remaining half on credit).. Sales a/c is a nominal account..(All incomes gains losses expenses come under it... Sales is an income) Cash a/c is a real account...(All the assets and Liabilities come under it.... Cash is an asset) Debtor is a Personal account..(As the Name suggests) The golden rules of accounting are... Personal Account - Debit the receiver , credit the giver Nominal Account - Debit All expenses and losses, credit All incomes and gains Real Account - Debit what comes in , credit what goes out In contention with the above rules........ Cash should be debited.. Because its coming in Debtor Being the receiver should be debited.. Sales being an income should be credited... So the Journal Entry will be.... Cash a/c Dr 16000 Debtor a/c Dr 16000 To Sales a/c. 32000 (Being Goods Sold) Given "Goods costing rs 24,000 sold at a profit of 100/3 % . Half the payment received in cash." 100/3% (Typo error) ... 1/3 (after Correction) Cost Price= 24000 Profit = 24000 × 1/3 = 8000 Selling Price= 24000 + 8000 =32000 Of which half payment is recieved in cash.... 32000/2 = 16000 Remaining 16000 on credit... So this transaction affects 3 accounts ... Sales a/c ( being Goods sold) , Cash a/c ( half of the payment is recieved in cash) , Debtor a/c(remaining half on credit).. Sales a/c is a nominal account..(All incomes gains losses expenses come under it... Sales is an income) Cash a/c is a real account...(All the assets and Liabilities come under it.... Cash is an asset) Debtor is a Personal account..(As the Name suggests) The golden rules of accounting are... Personal Account - Debit the receiver , credit the giver Nominal Account - Debit All expenses and losses, credit All incomes and gains Real Account - Debit what comes in , credit what goes out In contention with the above rules........ Cash should be debited.. Because its coming in Debtor Being the receiver should be debited.. Sales being an income should be credited... So the Journal Entry will be.... Cash a/c Dr 16000 Debtor a/c Dr 16000 To Sales a/c. 32000 (Being Goods Sold) Read more on Brainly.in - brainly.in/question/4854179#readmore |
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