What will be the journal entry for the following -
1)Goods purchased from Mohan for Rs 5000
2)Goods purchased from Mohan on credit Rs 3000
3)Salary paid to Mohan
4)A sum of Rs 120 is realized on the sale of old furniture
Answer Posted / sunder pal
PURCHASE A/C DR. 5000
TO MOHAN A/C 5000
(BEING GOODS PURCHASE)
PARCHASE A/C DR. 3000
TO MOHAN A/C 3000
(BEING GOODS PURCHASE FROM ON CREDIT)
SALARY A/C DR. .......
TO CASH/BANK A/C ........
ENTRY 1st & 2nd are same because if particular name given
of purchaser then we asume that goods purchase on credit.
Is This Answer Correct ? | 5 Yes | 4 No |
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Hi,Friends, I have a simple question in my mind that I have one head office that in faridabad and other branch in delhi,i purchase material in delhi for availing the tax benefit in delhi then i transfer the same material to head office(faribabad) agianst "F" form,i purchased material in delhi basic price rs. 5 +.42 taxes it comes rs. 5.42/-,my question is on which amount i should transfer the material from delhi to faridabad i.e 5,5.42 or 5 + freight(if any).kindly please solve my problem.
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