Question

Pass the journal entry for the statement sold goods worth Rs.4000 (Rs.1500 on.credit)

Answer 1

Answer:

Party account Debit              Rs.1500

 To Sales account Credit                       Rs.1500

(Being goods sold on credit to  the customer/ party)

Explanation:

Here goods worth of Rs.4000/- has no special significance in accountancy, because only the transaction amount is recorded into the books of account here on Rs. 1500 will be shown in the journal entry. This is the basic principle.