Question

journal entry for sold goods to madan on account for Rs.15000

Answer 1

Madan account dr 15000

To sales account 15000

Answer 2

The journal entry for the given transaction will be the following.

                                  Journal Entry

Madan A/C Dr              ₹15,000

           To Sales A/C                       ₹15,000

(Being goods sold to Madan worth ₹15,000.)

• Madan A/C is debited since he is a debtor which is an asset since money is to be received from Madan in the future.
• Sales A/C is credited since it is a revenue account.
• Thus, for the journal entry, Madan A/C should be debited by ₹15,000, and Sales A/C will be credited with ₹15,000.

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