if purchase of goods on account: Purchases 100 Accounts payable 10

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 / *****

if purchase of goods on account:
Purchases 100
Accounts payable 100

if in payment of cash:
purchases 100
Cash 100
if the sales is on account:
Account Receivable 200
Sales 200

if tru payment of cash

cash 200
sales 200

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