B Com Exam > B Com Questions > Sun enterprises sell umbrella worth rs 5000 o...
Start Learning for Free
Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.?
Most Upvoted Answer
Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet disc...
Journal Entry for Sun Enterprises and Mr. Greet
The journal entry for the transaction can be recorded as follows:
Sun Enterprises Account
Debit - Rs. 5000
Mr. Greet Account
Credit - Rs. 5000
Explanation
Sun Enterprises sold an umbrella worth Rs. 5000 on credit to Mr. Greet. So, Sun Enterprises will debit the amount to the account of Mr. Greet, and Mr. Greet will credit the same amount to the account of Sun Enterprises.
Balance Sheet of Sun Enterprises and Mr. Greet
The amount will be reflected in the balance sheet of both the parties as follows:
Sun Enterprises Balance Sheet:
Liabilities
Amount (Rs.)
Assets
Amount (Rs.)
Creditors
5000
Umbrella Inventory
5000
Explanation
Sun Enterprises will show Mr. Greet as a creditor in their balance sheet as they have sold an umbrella on credit to him. The amount of Rs. 5000 will be shown under the head of creditors. On the asset side, the umbrella inventory will be shown as an asset.
Mr. Greet Balance Sheet:
Liabilities
Amount (Rs.)
Assets
Amount (Rs.)
Sundry Creditors
5000
Umbrella
5000
Explanation
Mr. Greet will show Sun Enterprises as a sundry creditor in their balance sheet as they have purchased an umbrella on credit from them. The amount of Rs. 5000 will be shown under the head of sundry creditors. On the asset side, the umbrella will be shown as an asset.
Conclusion
In conclusion, when Sun Enterprises sells an umbrella worth Rs. 5000 on credit to Mr. Greet, they will record it as a debit to Mr. Greet's account, and Mr. Greet will credit the same amount to Sun Enterprises' account. The transaction will be reflected in the balance sheets of both the parties by showing the amount as a liability or a creditor and an asset or the inventory of the umbrella.
The journal entry for the transaction can be recorded as follows:
Sun Enterprises Account
Debit - Rs. 5000
Mr. Greet Account
Credit - Rs. 5000
Explanation
Sun Enterprises sold an umbrella worth Rs. 5000 on credit to Mr. Greet. So, Sun Enterprises will debit the amount to the account of Mr. Greet, and Mr. Greet will credit the same amount to the account of Sun Enterprises.
Balance Sheet of Sun Enterprises and Mr. Greet
The amount will be reflected in the balance sheet of both the parties as follows:
Sun Enterprises Balance Sheet:
Liabilities
Amount (Rs.)
Assets
Amount (Rs.)
Creditors
5000
Umbrella Inventory
5000
Explanation
Sun Enterprises will show Mr. Greet as a creditor in their balance sheet as they have sold an umbrella on credit to him. The amount of Rs. 5000 will be shown under the head of creditors. On the asset side, the umbrella inventory will be shown as an asset.
Mr. Greet Balance Sheet:
Liabilities
Amount (Rs.)
Assets
Amount (Rs.)
Sundry Creditors
5000
Umbrella
5000
Explanation
Mr. Greet will show Sun Enterprises as a sundry creditor in their balance sheet as they have purchased an umbrella on credit from them. The amount of Rs. 5000 will be shown under the head of sundry creditors. On the asset side, the umbrella will be shown as an asset.
Conclusion
In conclusion, when Sun Enterprises sells an umbrella worth Rs. 5000 on credit to Mr. Greet, they will record it as a debit to Mr. Greet's account, and Mr. Greet will credit the same amount to Sun Enterprises' account. The transaction will be reflected in the balance sheets of both the parties by showing the amount as a liability or a creditor and an asset or the inventory of the umbrella.
|
Explore Courses for B Com exam
|
|
Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.?
Question Description
Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.?.
Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.?.
Solutions for Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.? defined & explained in the simplest way possible. Besides giving the explanation of
Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.?, a detailed solution for Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.? has been provided alongside types of Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.? theory, EduRev gives you an
ample number of questions to practice Sun enterprises sell umbrella worth rs 5000 on credit to Mr greet discuss by passing journal entry how m/s sun enterprises and Mr greet will record the transaction in their book. Discuss how the amount will be reflected in the balance sheet of both the parties if any.? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com 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
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup