7 Sold goods of 10,000 to Suresh.
journal entry
Answers
Answer:
What is the journal entry of goods sold to Hari?
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1.If it is a Credit Sale
Hari A/c (under Sundry Debtor) Dr
To Sales A/c (Direct Income)
2. If it is a Cash Sale
Cash/Bank A/c (Under Current Asset) Dr
To Sale A/c
3. If it involves GST
Cash/Bank/Hari A/c (Sales fig + GST Fig) Dr
To Sale A/c
To CGST A/c (under current liabilities)
To SGST A/c (under current liabilities)
If it is an interstate sale, instead of CGST and SGST A/c, it will be IGST A/c alone.
4. If it is a consignment sale
At the time of sending goods (assuming Hari to be consignment agent)
Hari A/c Dr
To Goods sent on consignment A/c (current asset)
At the time of sale
1.Sale entry
Goods sent on con
Tips to grow your sales revenue.
The journal entry would depend on two factors: 1a) whether the company uses Cash Accounting or 1b) an Accruals Accounting system (necessary for IFRS Reporting) and how the goods were sold, if they were sold for 2a) cash at the time of saleor 2b) payment received at a later date or sale on account. The entries are as follows:
CASH ACCOJNTING
A record of the transaction will be made only when cash payment is received; therefore there is only one entry made, that is when cash is received. regardless of the Accounting System.
1a) That entry will be:
Dr Cash (B/S) $1.00
Cr Sales (P&L) $1.00
In an accrual
I am assuming that you are registered under GST Act. So let me explain you entry for goods sold to Hari by an example.
Suppose: you sold product X to Hari the price of which is Rs.100 including your profit.And GST rate on the product is 18%. And you both are situated in same State.So, entry will be
1.On Sale
Hari Account (Debtor) Dr. 118.00
To Sale Account …………………….. 100.00
To Output CGST Account ……….. 9.00
To Output SGST Account ……….. 9.00
(Narration : Goods sold on credit to Hari)
2.On payment received
Cash / Bank Account. Dr. 118.00
To Hari Account ( Debtor) ……….. 118.00
( Narration : Amount received from Hari against invoice no……)
Step-by-step explanation:
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