what is the journal entry of the stock include material worth RS 2900 for which bill had not been received and therefore not yet aaccountedfor. please answer this question
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Answer:
The journal entry for the equation would be -
Yamini a/c Dr. - Rs. 23,000
Discount allowed a/c Dr. - Rs. 2,000
To Sales a/c - Rs. 25,000
Explanation -
Yamini becomes our debtor, so shown on the debit side with discount allowed which is an expense which needs to be debited.
Sales is an income and hence shown on credit side.
The journal entry for a cash transaction would be -
Cash a/c Dr. - Rs. 23,000
Discount allowed a/c Dr. - Rs. 2,000
To Sales a/c - Rs. 25,000.
Answered by
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Answer: Just deduct the amount 2900 in closing stock....both in tranding account and balance sheet
Explanation:
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