1.

ENTRY GOT SOLD GOODS COSTING RS2500 AT A PROFIT 40% ON COST

Answer»

ry is explained with necessary explanation.Explanation:The ENTRY for this will be : Cash A/c Dr. 3500   To SALES A/c   2500    To P&L A/c     1000Cash account is debited with the total amount received from sales i.e. COST plus profit . Sales account is credited with the amount of goods sold. The rest amount is transfer to profit and loss account as it is our profit.



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