Question

Sold goods to ram for cash journal entry

Answer 1

3 golden rules

personal accounts - debit the received and credit the giver

real accounts -debit what comes in and credit what comes out

nominal accounts - debit all the expenses and losses, credit all the income and gains

as per the question 2 accounts affect sales account and cash account

sales account - personal account

cash account - real account

by applying the golden rules ,

Journal entry

Cash A/c Dr

To Sales a/c

(being cash sales made)

Hope its useful..!!

Answer 2

Given"Sold Goods to Ram for Cash"

This transaction Affects two accounts... Sales (goods are sold) , cash (cash is received against sales)... Sales account is a nominal account (all expenses losses Gains income come under it) ,Cash account is a Real account (all assets and Liabilities come under it)..

The Three golden rules of accounting are..

Personal account - Debit the receiver ,credit the giver

Real account - Debit what comes in, credit what goes out

Nominal account - Debit All expenses and losses, credit All incomes and gains

in contention with the above rules..Sales being an income should be credited, since cash is coming in..it should be debited

So the Journal Entry will be..

Cash a/c Dr

To Sales a/c

(Being Goods Sold)