What will be journal entry of cost of goods sold.
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Answer Posted / 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)
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