If a company purchase the goods for rs. 100 and intends to
Sell it for 200.
What is the journal entry for this?
Answers were Sorted based on User's Feedback
Answer / firstname.lastname@example.org
Mr Guest pl name yourself.
Intension may not be materilised.Then how you can pass
journal entry and also pl let me know where did you find
purchase and sale in one transaction.In my total experience
i didnt find so far. Pl be healthy in practice
|Is This Answer Correct ?||36 Yes||4 No|
Answer / priya
Purchase A/c Dr 100
To cash A/c 100
Cash A/c Dr 200
To Sales A/c 200
Cash A/c Dr 100
To Profit&loss A/c 100
|Is This Answer Correct ?||29 Yes||9 No|
Answer / ashok
purchases A/c Dr. 100
To cash A/c 100
cash A/c Dr. 200
sales A/c 200
|Is This Answer Correct ?||15 Yes||0 No|
Answer / damu
Purchase account Dr......100
To Cash account.............100
Cash account Dr..........200
To Sales account............200
(Being goods sold in cash)
|Is This Answer Correct ?||12 Yes||1 No|
Answer / surya
At the time of Purchase:
Purchase/Goods A/c Dr 100
to Cash/Vendor 100
At the time of Sale
Cash/Customer A/c Dr 200
to Sales 200
|Is This Answer Correct ?||12 Yes||2 No|
Answer / avirup chaudhuri
I feel so far we don't have the right answer for the
question mentioned,though i'm not criticising anybodies
answer here, but I am writing what my knowledge says :
1stly,In the question,nowhere is mentioned that, goods are
sold.Intention should not be materilised.So, we should not
pass journal entry
2ndly,Here creditors name is not mentioned.so, no question
of writing creditors name here.
Answer for this question:
Purchase A/c----------Dr. 100
To cash A/c 100
(Being the goods purchased)
|Is This Answer Correct ?||6 Yes||1 No|
Answer / nagaraj
Intention can no to be accounted, we can pass the journal
entries based on assumption i.e, cash purchase and cash
sales or credit purchase or credit sales.
If Credit purchase;
Purchase A/c Dr 100.00
To XXX A/c (Creditor) 100.00
(Being purchased goods on credit
vide InV no XXXXX Dt: yyyyy)
If Credit Sales;
YYYY A/c (Debtor) Dr 200.00
To Sales A/c 200.00
(Being goods sold on credit
vide Inv No xxxx Dt: yyyyyy)
|Is This Answer Correct ?||4 Yes||0 No|
Answer / pari
To Purchase A/c Dr 100
To Cash A/c Cr 100
To Cash A/c Dr 200
To Sales A/c Cr 200
|Is This Answer Correct ?||2 Yes||1 No|
Answer / vamshidharreddy
PURCHASES a/C dr 100
CASH a/C DR 100
TO sALES a/C 200
(PURCHASES OF GOODS FOR 100 PROFIT OR CASH)
|Is This Answer Correct ?||1 Yes||0 No|
Answer / shahabuddin
cash a/c dr
to profit/loss a/c
to sales a/c
|Is This Answer Correct ?||0 Yes||0 No|
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