Goods costing rs. 40000/- sold at a profit of 20% .what will be the jo

1.	Goods costing rs. 40000/- sold at a profit of 20% .what will be the journal entry
Answer» Cash A/C Dr. Rs.48,000 To sales A/C Rs.48,000 (Being goods sold for cash)Selling price =Cost of goods + Profit =Rs.40,000 +20%(40,000) =Rs.40,000 +8,000 =Rs.48,000<br>Thankyou<br>cash A/C Dr. 48000 To profit and loss A/C 8000 To sales A/C 40000

Discussion