Pass Journal Entry for Goods Sold to Rajesh for Rs 8000 and Paid Rs 5000 by Cheque Immediately

Explanation:

In this transaction, goods are sold to Rajesh for Rs 8000 and he paid Rs 5000 by cheque immediately. The journal entry for this transaction will include two accounts: Sales Account and Bank Account.

Journal Entry:

Sales Account Dr. 8000
To Rajesh Account Cr. 8000

Bank Account Dr. 5000
To Rajesh Account Cr. 5000

Explanation of Journal Entry:

The above journal entry shows that the Sales Account is debited with Rs 8000 because of the goods sold to Rajesh. On the other hand, the Rajesh Account is credited with Rs 8000 as he is liable to pay for the goods purchased from the business.

Furthermore, the Bank Account is debited with Rs 5000 as the payment is made through cheque. The Rajesh Account is credited with Rs 5000 as he has paid the amount due to the business.

Conclusion:

The above transaction is a simple one where goods are sold to Rajesh and he paid Rs 5000 through cheque immediately. The journal entry for this transaction is important as it helps in maintaining the accurate financial records of the business.