Question

goods costing 3200 sold at a profit of 20% on cost to ramesh and co. show journal entry​

Answer 1

Ramesh and company    A/c Dr    3,840

 To sale A/c                                    3,840

Explanation:

Given:

Cost of good = 3,200

Profit = 20% on cost

Find:

Sales amount

Computation:

Sales amount = Cost of good + Profit

Sales amount = 3,200 + (3,200)(20%)

Sales amount = 3,200 + 640

Sales amount = 3,840

Answer 2

Answer:

sale amount = cost of good sold + profit

s.a. = 3200 + 20%

sa. = 3200+640

s.a = 3840

.

find profit = 3200 × 20%÷ 100

Explanation:

entry

RAMESH A/C. DR. 3840

TO SALE A/C CR. 3840