Question

Goods Rs.20000 sold to Binita out of which Rs.8000 is on cash and rest is on credit.​

Answer 1

Answer:

12000 remaining cash of the watch

Answer 2

Binita's A/c                      -----Dr.                                               12,000

Cash A/c                                       ----Dr.                                   8,000

                 To sales A/c                                                                      20,000

(Being goods sold to Binita paid partially by cash)

GIVEN: Goods Rs.20000 sold to Binita out of which Rs.8000 is on cash and rest is on credit

TO FIND Journal Entry for the occurred transaction.

SOLUTION:

As we are given in the question,

The business firm sold goods costing Rs.20000 and paid Rs.8000 at that time through cash and the rest were due.

In this question,

The golden rule of accounting along with a double entry algorithm will be used where it can be seen that we always debit the receiver which is Khan Brothers in this case, and also debit what comes in which is Cash in this case, and applying the rule of Credit what goes out which is sales.

Therefore,

The Journal entry for goods sold to Binita for rupees 20000 he paid rupees 8,000 in cash immediately :

Binita's A/c                      -----Dr.                                               12,000

Cash A/c                                       ----Dr.                                   8,000

                 To sales A/c                                                                      20,000

(Being goods sold to Binita paid partially by cash)

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