Home furniture sold goods to Jhon for 150000 on 10th march 2015, due to damage occured in transmit rs 20000 worth of goods have been returned on 16th march 2015. What is the journal entry for both the instances ?
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Answer / rafeeq ahmed
10th march 2015 By sales a/c Dr 150000
16 th march 2015By goods in transit a/c Dr. 20000
To cash a/c 130000.
Let me know this answer is right or wrong.
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / a. m
cash a/c Dr 130000
goods in transit a/c Dr. 20000
To sales a/c Cr 150000
| Is This Answer Correct ? | 0 Yes | 0 No |
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WHAT ENTRY PASSED IN BOOOKS OF ACCOUNT IF INVOICE BILING AS UNDER :. SUB TOTAL = 428325.45 VAT @12.5%= 53540.68 Additional vat 1%= 4283.25 ORDER DISCOUNT = (9722.99) ROUNDED OFF = 0.39 -------------------------- NET AMOUNT = 476426.00
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