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i have purchase goods for Rs.100 and company say you sell
this goods for Rs. 80 and raised a debit note for diffrence
amount and he fix 5 % commision on sales value what is
journal entry passed in tell with narration?

Answers were Sorted based on User's Feedback



i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit..

Answer / deva

Purchase a/c......Dr....100
To Creditor a/c.................100

Debtor a/c.....Dr.......80
Comm a/c.......Dr.......04
P&L a/c........Dr.......16
To Sales a/c....................100

Is This Answer Correct ?    13 Yes 1 No

i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit..

Answer / b.narasimha rao

PURCHASE A/C DR 100

TO CREDITOR A/C 100


CREDITOR A/C DR 20

TO PURCHASE RETURN A/C 20



CASH A/C DR 80

TO SALES A/C 80

COMMISION A/C DR 04

CASH A/C 04

Is This Answer Correct ?    4 Yes 0 No

i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit..

Answer / dhananjayan

Purchase A/c Dr. 100
To Supplier A/c 100
Being purchase of goods)

Cash A/c Dr. 80
To Sales A/c 80
Being sale of goods)

Supplier A/c Dr. 20
To Purchase A/c 20
Being debit note raised for rate difference)

Commission on sales A/c Dr. 4
To Commission Payable A/c 4
Being 5% commission payable on sales)

Commission Payable A/c Dr. 4
To Bank A/c 4
Being commission paid on sales)

Is This Answer Correct ?    3 Yes 0 No

i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit..

Answer / neer

1) purchases- dr 100
to Credotor 100
(being booked full puchases let say on 1april)

2) creditor - dr 20
to purchase return 20
(being return booked on let say 2 april)

3) debtor - dr 84
to Comission 4
to Sales 80
(being Assuming that amount of Commissiom is Charged From
Debtor)

Is This Answer Correct ?    3 Yes 1 No

i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit..

Answer / ospanwar

Answer
purchases a/c dr 100
to Supplier a/c cr 100
(being purchased goods for cash)
cash a/c dr 76.00
Commision on sale Dr. 4.00
to sales cr 80
(being the sales is made in cash )
Supplier a/c dr 20
to purchasea/c cr 20
(being the debit note issued fo supplier)

Is This Answer Correct ?    2 Yes 0 No

i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit..

Answer / jijesh

purchases a/c dr 100
to cash 100
(being purchased goods for cash)
cash a/c dr 80
to sales 80
(being assumes that sales is made )
cash a/c dr 20
to purchase return 20
(being rs 20 worth goods returned)
commission paid a/c dr 4
to cash 4
(being commission paid for the staff who sold goods worth
rs 80)

Is This Answer Correct ?    3 Yes 2 No

i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit..

Answer / mou jana

Purchase a/c......Dr....100
To Creditor a/c.................100

Debtor a/c.....Dr.......80
Comm a/c.......Dr.......04
P&L a/c........Dr.......16
To Sales a/c....................100

Is This Answer Correct ?    1 Yes 0 No

i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit..

Answer / abhilash

purchase A/c dr 100
to Supplier A/c 100

(being credit purchase )

Buyer a/c dr 100
to Sales 100
(Being Sales )

commission on sales a/c dr 4
To Buyer 4
(Being commission paid on sales @ 5% on rs.80/-)

Discount A/c Dr 20
To Buyer 20
(Being Debit note issued to Buyer)

Is This Answer Correct ?    1 Yes 3 No

i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit..

Answer / iyyanar

1)Purchase a/c Dr. Rs.100

To Creditor A/c Rs. 100
Purschased goods for for Rs.100


2)

Cash A/C Rs. 80
Commision A/C Rs. 3.2
To Sales A/C Rs. 83.2

sold goods for Rs. 83.2

3) Sales Return Rs. 20
To Cash A/C Rs. 20

Goods returned by customer

Is This Answer Correct ?    3 Yes 9 No

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