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What will be the journal entry for sold goods to mayank of rs.100000 payable 25% by cheque at time of sale and balance after 30 days of sale |
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Answer» workings sales = 1,00,000 cheque payment = 100000*25% =25000 credit = 100000-25000 =75000 3 accounts AFFECTED sales account which is nominal account , income should be credited bank account which has been PAID by cheque , bank account is REAL account therefore as its comes to business bank account should be debited DEBTOR account should be debitor as we need to receive amount from mayank Journal entry Mayank A/c Dr 75000 cash A/c Dr 25000 To sales A/c 100000 (being sales made ) Hope its useful..!! |
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