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