Question

Goods costing 14,000 sold for cash 15,000 to M/s Sumit Traders ( JOURNAL ENTRY )​

Answer 1

Answer:

Then 1,000 Rupees Will be Profit For Him .

Explanation:

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Answer 2

Answer:

What is the journal entry for goods purchased from Ranjan Traders for Rs 50,000?

Purchase A/c. Dr…. 50,000

To Rajan Traders 50,000

Here the transaction is not on cash basis because the name of supplier is given.

There is a rule in accounting that, when the name of supplier is clearly given in the question and no other information is given whether the transaction is being in cash or credit then it is considered as a credit transaction.

And when question gives you both name of the supplier and cash basis transaction then it is considered as a cash transaction.

And in that case the journal entry will be

Purchase A/c Dr….. 50,000

To Cash A/c. 50,000