Question

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

Answer 1

workings

sales = 1,00,000

cheque payment = 100000*25%

=25000

credit = 100000-25000

=75000

3 accounts affected

sales account which is nominal account , income should be credited

bank account which has been paid by cheque , bank account is real account therefore as its comes to business bank account should be debited

debtor account should be debitor as we need to receive amount from mayank

Journal entry

Mayank A/c Dr 75000

cash A/c Dr 25000

         To sales A/c 100000

(being sales made )

Hope its useful..!!