What will be journal entry of cost of goods sold.

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What will be journal entry of cost of goods sold...

Answer / ca.dushyant kumar

lets Take a example

Opening Stock Rs 1000 dr
Purchase Rs 2000 Dr
Closing stock Rs 500 Dr if the same is shown in Trail
balance,

The formula for cost of goods sold =opening stock+Purchase -
closing stock. it means ultimately we debit in trading and
profit and loss accont is Rs 2500/-

So the Journal entry would be

Trading and profit and loss account dr Rs 2500
To Cost of goods sold Rs 2500
( Being cost of goods sold transferred to P/l Trading
account)

Is This Answer Correct ?

62 Yes

6 No

What will be journal entry of cost of goods sold...

Answer / karthik

cash a/c . . . dr 2500
to sales a/c 2500

Is This Answer Correct ?

27 Yes

6 No

What will be journal entry of cost of goods sold...

Answer / jitendra kumar mishra

CostP/L A/C dr
To cost of goods sold A/C
(being cost of goods sold transfered to costing p/l a/c)

Is This Answer Correct ?

17 Yes

5 No

What will be journal entry of cost of goods sold...

Answer / anshuk doliya

their is no special journal entey of cost of good sold
just a simple entry

cash / party name/ bank A/c. Dr
To sale A/c

if cost of good sold calculated then apply this formula
cost of good sold = opening stock + purchases - closing
stock
OR
= Sale - gross profit

Is This Answer Correct ?

6 Yes

2 No

What will be journal entry of cost of goods sold...

Answer / shyam singh rana

trading a/c---------------dr
To cost of goods sold A/c

Is This Answer Correct ?

6 Yes

4 No

What will be journal entry of cost of goods sold...

Answer / kiran

cash\bank
to sales

Is This Answer Correct ?

7 Yes

6 No

What will be journal entry of cost of goods sold...

Answer / gowda

Cash A/c Dr
TO Goods a/c

Cash:real A/c debit wt comes in
goods: also a real a/c hence credit wt goes out.

Is This Answer Correct ?

2 Yes

1 No

What will be journal entry of cost of goods sold...

Answer / ramakrishna s

CASH A/C ............DR
TO SALES A/C

(HERE IN THE QUESTION, PARTIES HAVE NOT MENTIONED MORE OVER
IT IS COST INVOLVED WHILING SELLING SO WE USE CASH A/C BY
DEFAULT...)

Is This Answer Correct ?

4 Yes

4 No

What will be journal entry of cost of goods sold...

Answer / priya a.r.

cash a/c . . . dr 2500
to sales a/c 2500

Is This Answer Correct ?

3 Yes

3 No

What will be journal entry of cost of goods sold...

Answer / priya

well, people are posting the same answers lol :)hmm anyways
good :)