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Answer Posted / dinesha r
Cost of goods sold (COGS for short) is the expense a
company incurred in order to manufacture, create, or sell a
product. It includes the purchase price of the raw
material as well as the expenses of turning it into a
product. Cost of goods sold (COGS) is also known as cost
of revenue or cost of sales.
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Q13. Journalise the following transactions: Proprietor withdrew for private use Rs.4000/- from bank and 6000/- cash. Goods Costing Rs.5000 was burnt by fire. Purchase Machinery for cash Rs.150000/- and paid Rs.2000/- on its Installation. Charge 5% Depreciation on building costing Rs.200000/- and 8% Depreciation on Furniture costing Rs.5000/-. Prepaid Salary Rs2000/- Kapil who owed us Rs20000/- become insolvent and nothing is received from his estate.
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