Interested to Buy Any Domain ? << Click Here >> for more details...
What will be journal entry of cost of goods sold.
- 21 Answers
- 44772 Views
- Cura HealthCare, Ernst Young, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / rahul jaiswal
Since cogs is computed by the following equation i.e opening stock+ net purchases+ all direct expenses-closing stock. There can't be single journal entry for this. The following journal entries are required to pass.
(1) for transfer of opening stock to trading a/c.
Trading a/c dr.
To opening stock a/c
(2) For transfer of net purchases to trading a/c.
Trading a/c dr.
To purchases a/c
(3) For transfer of direct exp. to trading a/c.
Trading a/c dr.
To direct exp. a/c
(4) For transfer of closing stock to trading a/c.
Closing stock a/c dr.
To trading a/c
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / lakshmi
Example: ABC International has a beginning balance in its inventory asset account of $500,000. It buys $450,000 of materials from suppliers during the month. At month-end, it counts its ending inventory and determines that there is $200,000 of inventory on hand. The cost of goods sold journal entry is?
Cost of goods sold expense 750,000
To Purchases 450000
to investory(5L-2L) 300000
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / surabhi gupta
Trading & P&L A/C dr. 1000
To Cost of goods sold 1000
(being cost of goods sold transferred to Trading & P&L A/c)
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / bipin
Since cogs is an expense.....
Expenses a/c.......dr
To goods a/c.
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / nurulla
OPENING STOCK a/C DR
PURCHASES A/C DR
CARRIAGE INWARD A/C DR
TO SALES A/C
TO CLOSING STOCK A/C
| Is This Answer Correct ? | 2 Yes | 5 No |
Answer / sunil pandey
Cash or Bank or Party Name Rs. 10000/- Dr
To Goods(Material sales) Rs. 10000/-
(Being Good sold for Rs. 10000/-)
| Is This Answer Correct ? | 6 Yes | 11 No |
Answer / vadeendra
cost of goods sold A/c dr
to profit and loss a/c
cost of goods sold is an expense so it should be debited.
| Is This Answer Correct ? | 1 Yes | 8 No |
what is MIS report we prepare it?
What are the difference between P/l a/c and income and expenditure
what will be the entry of income tax paid in partnership firm.
What is the purpose of accounts like e.g. expense accounts assigned a account number 0040, principal account assigned anumber 0060.In our general ledger software such numbers are assigned.I want to know how these numbers (accounts) help in maintaing accounts of a company (like bank reconciliation).
What are the two most important Factor that should be kept in mind when there is a buy back of shares in companies as per indian companies act,1956
sold private car for rs 4,000 and bought a new one with proceeds for bussiess plus rs 5.000 from office cash what will be the journal entry
Why do we prepare trial balance?
Tell us do you have any professional experience of this field?
Which company is coded in SENSEX ?
what is accrual basis of accounting?explain in detail?
5 Answers Deloitte, Northern Trust,
please explain all accounting concepts n conventions in detail
entry for outstanding expenses
25 Answers Adidas, Capital IQ, Ernst Young,
Audit 
