Question

Good cesting Rs.24000 sold at a profit of 33Ã1/3%.Half the payment received in cash

Answer 1

Debtors A/c Dr  Rs.32,000

    To Sales A/c Rs.32,000

(being goods sold at a profit of 33.333% on cost)

Cash A/c Dr Rs 16,000

    To Debtors A/c Rs. 16,000

(being half of the payment received in cash)