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If a company purchase the goods for rs. 100 and intends to
Sell it for 200.
What is the journal entry for this?
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Answer Posted / 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 |
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