PROFIT OR LOSS ON SALE OF GOODS AND FIxed assets )
21. Enter the following transactions in the Book of Yogesh.i need journal entries
2018
May 1 Goods worth 10.000 sold at a profit of 20%
May 3 Goods worth 20,000 sold at a profit of 2,000.
May 7 Goods worth 20,000 sold at loss of 10%.
May 10 Furniture costing ? 15,000 sold at profit 5,000.
May 15 Machine Costing *20.000 sold at 27,000.
May 17 Machine costing * 25,000 sold at a loss of 20%.
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Answer:
cash a/c Dr
to sales a/c 12,000
Cash a/c Dr 22,000
to sales a/c 22,000
cash a/c Dr 18,000
to sales a/c 18,000
cash a/c Dr 20,000
to furniture a/c 20,000
cash a/c Dr
to machine a/c 27,000
cash a/c Dr
to machine a/c 20,000
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