Question

Sold goods to ganesh for cash 5000, journal entry

Answer 1

Answer:

Cash A/C …… dr (Real Account; debit what comes in, credit what goes out)

To Sales A/C

(Being goods sold to Sailesh in cash)

If cash was not mentioned, we would be selling on credit. So, it would have been:

Sailesh A/C …….. dr (personal account; debit the receiver, credit the giver)

To Sales A/C (Nominal Account)

(Being goods sold to Sailesh on credit)

Thanks :)

Hope it helped u.

Answer 2

Answer:

Cash A/C dr.               5000

      To sales A/C                     5000

(being goods sold to Ganesh for cash)

Ganesh A/C dr.            5000

     To Sales A/C                     5000

(being goods sold to Ganesh on credit)

A journal entry is a record of the day-to-day business transactions in the accounting books of a business. A proper format or documented of journal entry consists of the following items- correct date, amounts to be debited and credited, description of the transaction, and a unique reference number.

             A journal entry is a first and foremost step in the accounting cycle. A journal entry records all the details of all the business's financial transactions and notes the affected accounts.

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