what is the journal enrty for sold goods to debtors for ₹ 1,50,000
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Answer:Your inventory is sold out and it had cost which is no longer part of your asset
You generate sales against receivable and cash at the selling price
Therefore, the journal entry is a two part entry as follows:
Debit: Cost of goods sold (cost value)
Credit: Inventory (cost value)
Debit: Receivable / cash / bank (sales value)
Credit: Sales (sales value
Explanation:
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