Question

Journal entry of sold goods and received by cheque

Answer 1

BankA/c ......................Dr.
......To salesA/c
( Being goods sold and cheque received.)

Answer 2

BankA/c ......................Dr.

To salesA/c

( Being goods sold and cheque received.)

Explanation:

In this given question we have sold goods and received the money through cheque. This is a very simple transaction which takes place on day-to-day basis. Here in this case we will debit our bank account as the bank account is a real account.

Bank account is also an asset due to the accounting rules if an asset increases we will debit it hear the bank is increasing therefore we will debit the bank account and credit the sales account for proper and complete transaction .

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