Follow Our FB Page << CircleMedia.in >> for Daily Laughter. We Post Funny, Viral, Comedy Videos, Memes, Vines...

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?

Answer Posted / 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



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

I have deducted Notice pay Rs. 5000/- in which account to be booked the same enty, what is the head for notice pay in profit and loss a/c.

1197


What we have to post entry for payroll processing ? (Indian payroll)

1701


whats the sales tax slab and company's turnover professional tax slab

2542


In South Africa, the value added tax is administered by?

838


want to know the questions and answers frequently asking in banks at the time of interview for any cadre

1148






WHAT IS THE DIFFERENCE BETWEEN ESTIMATED BALANCE SHEET & PROJECTED BALANCE SHHET

6532


Tell me what is working capital?

198


What is an over accrual?

221


how in the big companies the budget are prepared and controlled?

1254


What Is Differ tax,

1230


What is the difference between the accrual accounting and cash accounting?

215


WHAT IS NPF IN ACCOUNTS. AN ENTRY IN BANK STATEMENT" NPF SOME NAME XXXX DR SIDE" PLEASE ANSWER WHAT IS NPF?

4889


What is consignment cycle.?Explain the steps involved in the Consignmet..?

640


Explain me the difference between accounting and auditing?

185


pass journal entry for Prepaid insurance

717