Goods costing rs 24000 sold at a profit of 33 1/3 % half of the payment recieved in cash
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Cost is 24,000
Profit is 1/3 in simple language.
So profit is 1/3 of 24,000 or 8,000
Total sale price is 24,000 + 8,000 or 32,000.
Journal entry is:
Cash account Dr. 16,000
Sundry debtors account Dr. 16,000
To Sales Account 32,000
Profit is 1/3 in simple language.
So profit is 1/3 of 24,000 or 8,000
Total sale price is 24,000 + 8,000 or 32,000.
Journal entry is:
Cash account Dr. 16,000
Sundry debtors account Dr. 16,000
To Sales Account 32,000
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