Goods Costing 30000 sold for 40000 on credit to A Ltd
what is the entry
Answers!
sold goods is it post sales voucher or receipt voucher?
Comment
When we purchased goods,we have passed entry
Purchase Dr 30000
To Party 30000
Later goods sold for 40000 to A
We pass entry
A Ltd Dr 40000
To Sales 40000
(A LTD is Debtor(Asset)
Asset is increased so we debit it)
Sales is an Income,Income is always Credited)
Answer the question...
sold goods is it post sales voucher or receipt voucher?
Comment
When we purchased goods,we have passed entry
Purchase Dr 30000
To Party 30000
Later goods sold for 40000 to A
We pass entry
A Ltd Dr 40000
To Sales 40000
(A LTD is Debtor(Asset)
Asset is increased so we debit it)
Sales is an Income,Income is always Credited)