Question

Sold goods on credit to Manish(costing Rs.17500)Rs.20000

Answer 1

Answer:

Manish a/c. Dr ₹20,000

To Sales a/c. ₹20,000

(Being goods sold on credit)

Explanation:

Profit on sale of goods will be automatically adjusted in profit & loss so there's no need of debiting p&l a/c in journal.

I hope it helps :)