Commerce Exam > Commerce Questions > Sold goods to alam costing 60000 at a profit ...
Start Learning for Free
Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.?
Most Upvoted Answer
Sold goods to alam costing 60000 at a profit of 20%on sales less 10% t...
Journal Entry for Sale of Goods to Alam
The journal entry for the sale of goods to Alam will include the following:
1. Sales Account
2. GST Payable Account
3. Alam's Account
Sales Account
The Sales Account will record the value of the goods sold to Alam. The following entries will be made:
Sales Account Dr. 60,000
Trade Discount Account Dr. 6,000
To Alam's Account 54,000
Explanation: The Sales Account is debited with the total value of the goods sold, i.e., 60,000. Since a discount of 10% is given, the Trade Discount Account is also debited with 6,000 (10% of 60,000). The net amount, i.e., 54,000, is credited to Alam's Account.
GST Payable Account
The GST Payable Account will record the GST charged on the sale of goods. The following entry will be made:
GST Payable Account Dr. 4,320
To Sales Account 4,320
Explanation: The GST Payable Account is debited with the GST charged on the sale of goods, i.e., 4,320 (8% of 54,000). The Sales Account is credited with the same amount.
Alam's Account
The Alam's Account will record the amount owed to Alam after deducting the discount and adding the GST. The following entry will be made:
Alam's Account Dr. 49,680
To Sales Account 48,000
To GST Payable Account 1,680
Explanation: The Alam's Account is debited with the net amount owed after deducting the discount and adding the GST, i.e., 49,680. The Sales Account is credited with the original sales value, i.e., 48,000, and the GST Payable Account is credited with the GST charged, i.e., 1,680.
In summary, the journal entry for the sale of goods to Alam is as follows:
Sales Account Dr. 60,000
Trade Discount Account Dr. 6,000
To Alam's Account 54,000
GST Payable Account Dr. 4,320
To Sales Account 4,320
Alam's Account Dr. 49,680
To Sales Account 48,000
To GST Payable Account 1,680
The journal entry for the sale of goods to Alam will include the following:
1. Sales Account
2. GST Payable Account
3. Alam's Account
Sales Account
The Sales Account will record the value of the goods sold to Alam. The following entries will be made:
Sales Account Dr. 60,000
Trade Discount Account Dr. 6,000
To Alam's Account 54,000
Explanation: The Sales Account is debited with the total value of the goods sold, i.e., 60,000. Since a discount of 10% is given, the Trade Discount Account is also debited with 6,000 (10% of 60,000). The net amount, i.e., 54,000, is credited to Alam's Account.
GST Payable Account
The GST Payable Account will record the GST charged on the sale of goods. The following entry will be made:
GST Payable Account Dr. 4,320
To Sales Account 4,320
Explanation: The GST Payable Account is debited with the GST charged on the sale of goods, i.e., 4,320 (8% of 54,000). The Sales Account is credited with the same amount.
Alam's Account
The Alam's Account will record the amount owed to Alam after deducting the discount and adding the GST. The following entry will be made:
Alam's Account Dr. 49,680
To Sales Account 48,000
To GST Payable Account 1,680
Explanation: The Alam's Account is debited with the net amount owed after deducting the discount and adding the GST, i.e., 49,680. The Sales Account is credited with the original sales value, i.e., 48,000, and the GST Payable Account is credited with the GST charged, i.e., 1,680.
In summary, the journal entry for the sale of goods to Alam is as follows:
Sales Account Dr. 60,000
Trade Discount Account Dr. 6,000
To Alam's Account 54,000
GST Payable Account Dr. 4,320
To Sales Account 4,320
Alam's Account Dr. 49,680
To Sales Account 48,000
To GST Payable Account 1,680
Community Answer
Sold goods to alam costing 60000 at a profit of 20%on sales less 10% t...
Aalam A/c Dr. 64800
to sales A/c. 72000
to output CGST A/c. 2592
to output SGST A/c. 2592
to sales A/c. 72000
to output CGST A/c. 2592
to output SGST A/c. 2592
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.?
Question Description
Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.?.
Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.?.
Solutions for Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.? defined & explained in the simplest way possible. Besides giving the explanation of
Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.?, a detailed solution for Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.? has been provided alongside types of Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.? theory, EduRev gives you an
ample number of questions to practice Sold goods to alam costing 60000 at a profit of 20%on sales less 10% trade discount and charged 8% gst of journalise.? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup