Question

Goods costing 48000 sold at a profit of 33 1/3% three fourth payment received in cash

Answer 1

48000 *33 1/3% = 5280

5280*3/4 = 3960

Cash received = 3960

Answer 2

Explanation:

Question: Goods costing 48000 sold at a profit of 33 1/3% three fourth payment received in cash. Show the Journal Entry

Answer:  

Goods Costing 48000

profit of selling goods = 48000 * 33 1/3% = 16000

So, total selling price =   48000 + 16000 = 64000

Cash received for this goods = 64000 * 3/4 =  48000

       In the books of Journal Entry

Particulars                amount  amount  

Cash A/C Dr.             48000  

      To, sales A/C                  48000