What will be journal entry of cost of goods sold.
- 21 Answers
- 38933 Views
- Cura HealthCare, Ernst Young, I also Faced
- E-Mail Answers
Answer Posted / rahul jaiswal
Since cogs is computed by the following equation i.e opening stock+ net purchases+ all direct expenses-closing stock. There can't be single journal entry for this. The following journal entries are required to pass.
(1) for transfer of opening stock to trading a/c.
Trading a/c dr.
To opening stock a/c
(2) For transfer of net purchases to trading a/c.
Trading a/c dr.
To purchases a/c
(3) For transfer of direct exp. to trading a/c.
Trading a/c dr.
To direct exp. a/c
(4) For transfer of closing stock to trading a/c.
Closing stock a/c dr.
To trading a/c
| Is This Answer Correct ? | 1 Yes | 1 No |
Post New Answer View All Answers
Are there any questions you would like to ask?
Tell me what does the investment of personal assets by the owner will do?
What do you find most satisfying about this job?
what is accounting cycle ?
I renders interior Services, consider one project cost Rs.500000/- Scenario 1 - Material purchased on my Firm Name Material - 300000 -300000 On party behalf Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit Scenario 2 - Material purchased by client Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit In both Profit is same Rs. 50000/-. which is beneficial for me in terms of turnover or tax matters. and if I have to raise a bill to party as per both scenario, how it will affect bill and tax, where will I suffer loss?
Other accounting interview questions to expect when you interview for an accountancy job include:
How does accounting contribute to the community?
Entries to revenues accounts such as service revenues are usually?
Payment Blocks . What is "A" and "R" Blocks in Account payables.. ??
how will rectify the error in trial balance.
Hai Experts can any one send me some finance interview questions ,my mail id is c.sujatha2008@gmail.com,please send quickly it's so need.
please send me banking question on my email ID as I have been selected for state bank of india .my email ID is sawant.supriya51@gmail.com
what is t code of all expences general legder?
Tell me what is working capital?
As an importer of goods through letter of credit, (payment is done through indian bank to foreign back), my question is who is liable to pay with holding tax when the payment is remitted to foreign bank, whether the buyer(importer) or the seller and why?
