Question

White sold goods to black for rupees 2,000on 1st july ,2016 and drew upon him a bill for the amount payable after 3months.Black accepted it and returned the same to white .the bill was dully met on the due date . Give journal entries in the books of bith parties

Answer 1

Hey Mate ✌️✌️

(JOURNAL ENTRY)

Books Of White ⤵️⤵️⤵️⤵️⤵️

➡️(1-7-16)BLACK ................................DR..2000
............TO SALES A/C...2000
(BEING GOODS SOLD TO BLACK)

➡️(1-7-16)B/R A/C.......................DR..2000
.........TO BLACK....2000
(BEING B/R RECEIVED FROM BLACK)

➡️(4-10-16)CASH A/C...............DR...2000
..........TO B/R.....2000
(BEING AMOUNT RECEIVED AGAINST BLACK ACCEPTANCE)

Books Of Black ⤵️⤵️⤵️⤵️⤵️⤵️⤵️

➡️(1-7-16) PURCHASE A/C.................DR..2000
............TO WHITE .......2000
(BEING GOODS PURCHASED FROM WHITE)

➡️(1-7-16)WHITE ....................DR..2000
.............TO B/P....2000
(BEING B/P GIVEN TO WHITE)

➡️(4-10-16)B/P A/C....................DR..2000
........TO CASH A/C...2000
(BEING PAYMENT OF BILL MADE ON DUE DATE)

✨ HOPE THIS HELPS YOU ✨

Answer 2

The marginal cost curve is usually U-shaped. Marginal cost is relatively high at small quantities of output; then as production increases, marginal cost declines, reaches a minimum value, then rises.