Question

what will be the journal entry for sold goods to mayank of rs 100000. 25 % payable at the time of sale and balance after 30 days

Answer 1

The journal will go in the form of;

Cheques/cash in hand

a/c dr 25000

Mayank a/c dr 75000

To sales a/c 100000

It will show the purchase of items and the opening of the account during the time purchasing is done.

Here goods are the items that are purchased during the whole course of the business.