Question

Goods sold to raman for rs16000 and received partial payment for rs 6000

Answer 1

Explanation:

1.raman A/c dr. 16000

to sales a/c. 16000

2. cash a/c dr. 6000

to raman 6000

Answer 2

We are asked to show the entry for the transaction of selling goods to Raman and receiving part payment for them. The journal entry for the transaction as required will be as under:

• Journal entries are used to record the daily transactions of entries.
• This is required to be done according to the golden rule of accounts.
• There are two ways in which this journal entry can be recorded.
• One is by providing a compound journal entry which will be:

                            Casha/c      Dr.$6,000$

                             Raman a/c Dr.$10,000$

                      To Sales a/c                             $16,000$

      (Being goods sold to Raman on part payment)

• The second way of recording this transaction is by different tries which will be:

                                 Ramana/c Dr. $16,000$

                                To Sales a/c                   $16,000$

                          (Being goods sole to Raman)

                               Cash a/c Dr.    $6,000$

                               To Raman a/c                    $6,000$

                      (Being part payment recieved from Raman)

• As both these ways given the correct net answer both these methods will be considered correct.

PROJECT CODE: #SPJ2

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