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Goods purchase from varun for rs 10000 which are sold to akash for rs 20000,akash returned goods of rs 5000 which are returned to varun can any one tell the journal entry of this?
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Goods purchase from varun for rs 10000 which are sold to akash for rs ...
Journal Entry for the given transaction:
When goods are purchased from Varun for Rs 10000:
Purchase Account Dr. 10000
To Varun Account 10000
Explanation: Here, the purchase account is debited and Varun account is credited.
When goods are sold to Akash for Rs 20000:
Akash Account Dr. 20000
To Sales Account 20000
Explanation: Here, Akash account is debited and sales account is credited.
When the goods worth Rs 5000 are returned by Akash:
Sales Return Account Dr. 5000
To Akash Account 5000
Explanation: Here, sales return account is debited and Akash account is credited.
When the goods worth Rs 5000 are returned to Varun:
Varun Account Dr. 5000
To Purchase Return Account 5000
Explanation: Here, Varun account is debited and purchase return account is credited.
Overall Journal Entry for the transaction:
Purchase Account Dr. 10000
To Varun Account 10000
Akash Account Dr. 20000
To Sales Account 20000
Sales Return Account Dr. 5000
To Akash Account 5000
Varun Account Dr. 5000
To Purchase Return Account 5000
Explanation: The above journal entry records the purchase of goods from Varun, sale of goods to Akash, and the return of goods by Akash and Varun.
When goods are purchased from Varun for Rs 10000:
Purchase Account Dr. 10000
To Varun Account 10000
Explanation: Here, the purchase account is debited and Varun account is credited.
When goods are sold to Akash for Rs 20000:
Akash Account Dr. 20000
To Sales Account 20000
Explanation: Here, Akash account is debited and sales account is credited.
When the goods worth Rs 5000 are returned by Akash:
Sales Return Account Dr. 5000
To Akash Account 5000
Explanation: Here, sales return account is debited and Akash account is credited.
When the goods worth Rs 5000 are returned to Varun:
Varun Account Dr. 5000
To Purchase Return Account 5000
Explanation: Here, Varun account is debited and purchase return account is credited.
Overall Journal Entry for the transaction:
Purchase Account Dr. 10000
To Varun Account 10000
Akash Account Dr. 20000
To Sales Account 20000
Sales Return Account Dr. 5000
To Akash Account 5000
Varun Account Dr. 5000
To Purchase Return Account 5000
Explanation: The above journal entry records the purchase of goods from Varun, sale of goods to Akash, and the return of goods by Akash and Varun.
Community Answer
Goods purchase from varun for rs 10000 which are sold to akash for rs ...
Varun dr. To P/R 2500
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Goods purchase from varun for rs 10000 which are sold to akash for rs 20000,akash returned goods of rs 5000 which are returned to varun can any one tell the journal entry of this?
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Goods purchase from varun for rs 10000 which are sold to akash for rs 20000,akash returned goods of rs 5000 which are returned to varun can any one tell the journal entry of this? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Goods purchase from varun for rs 10000 which are sold to akash for rs 20000,akash returned goods of rs 5000 which are returned to varun can any one tell the journal entry of this? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods purchase from varun for rs 10000 which are sold to akash for rs 20000,akash returned goods of rs 5000 which are returned to varun can any one tell the journal entry of this?.
Goods purchase from varun for rs 10000 which are sold to akash for rs 20000,akash returned goods of rs 5000 which are returned to varun can any one tell the journal entry of this? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Goods purchase from varun for rs 10000 which are sold to akash for rs 20000,akash returned goods of rs 5000 which are returned to varun can any one tell the journal entry of this? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods purchase from varun for rs 10000 which are sold to akash for rs 20000,akash returned goods of rs 5000 which are returned to varun can any one tell the journal entry of this?.
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