What will be journal entry of cost of goods sold.
Answers were Sorted based on User's Feedback
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 |
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 |
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 |
Answer / shyam singh rana
trading a/c---------------dr
To cost of goods sold A/c
Is This Answer Correct ? | 6 Yes | 4 No |
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 |
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 |
Answer / priya
well, people are posting the same answers lol :)hmm anyways
good :)
Is This Answer Correct ? | 3 Yes | 3 No |
How would you encourage team building unit for effeciency in the office?
what is BRS
what is use of cost center category in tally ? why & when use this ? what is benfit ?
Mention what does the investment of personal assets by the owner will do?
Do you know marginal cost?
if a employee basic salary is rs. 8000/- in march 2010 his total days of salary is 15 then what will amt comes in his f.p.f.(8.33%) account
parent company loss deduct from subsidiary company proft
pass journal entries of the following transaction in the books of AG sindh, AGPR,FTO and SBP: 1)DDo sindh house submitted a bill for purchase of furniture to AGPR islamabad for Rs.200000 on 20th March 09; 2)AGPR issued cheque on 2nd april which was cleared by SBP on 5th April; 3)On 26th may, voucher were exchanged in the clearing house; 4)On 28th May, AG sindh issued advise to settlement to SBP karachi; 5)On 5th june,SBP HQ karachi sends a copy of clearnce memo along with bank statement to AG sindh and AGPR for settlement made on 31st May.
How to calculate excise duty?
can we credit depreciation of the year to the general reserves in a balance sheet of that year? and also enlist some relevant documents or standards?
What is the SAP Account?
Recent trends in Corporate Governence?
0 Answers Capital IQ, Infosys,