Question

Goods costing rs 24,000 sold at a profit of 100/3 % . Half the payment received in cash.

Answer 1

heyaa,,
at first we need to calculate the the total profit
so, it will be
= 2400*33.33/100
= 7992.
now, this amount will added to the cost of product.
so,
= 24000+7992
= 31992.
it's journal entry will be;
cash a/c Dr 15996.

creditor a/c Dr 15996

to sale a/c. 31992
(being goods sold and 50% amount received)

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