Ram is running a readymade garment shop and sold his mother's saree worth rs 10000. What will be journal entry in this case? Please answer it asap.
10 Replies
Saurav Bhattacharya
(258 Points)
Replied 01 September 2018
is his mother paid any sum or its simply ram gifted the saree to his mother.
Arun
(ASST.ACCOUNTANT)
(25 Points)
Replied 01 September 2018
Question not clear.You have to clearly mention that whether he rcvd some money or not regarding this sale?
Yogesh Tirthani
(Student)
(292 Points)
Replied 01 September 2018
Consideriation is passed then treatment will be normal sale & if consideration not passed then it will be treated as gift...!!!!
Harpreet Singh
(9 Points)
Replied 01 September 2018
Sir please read it carefully. Ram used his mother's saree into business to make a cash sales.
Jitendra Kumar
(75 Points)
Replied 01 September 2018
sale to mother or sale of mother's saree ?? clarify
Harpreet Singh
(9 Points)
Replied 01 September 2018
I think question is very clear. It said that Ram sold his mother'saree into his business nor he sold to his mother.
gopal
(future smart stupid)
(293 Points)
Replied 01 September 2018
purchase from mother to sales if mother is paid..
Vinod Babu
(24196 Points)
Replied 03 September 2018
Purchase a/c... Dr. 10,000
To capital a/c. 10000
(Being goods bought into the business)
Cash a/c.... Dr. 10000
To sales a/c. 10000
(Being goods sold for cash).
If this sale amount is taken by Ram and given to his mother., then journal entry is
Drawings a/c.... Dr 10000
To cash. 10000.
To capital a/c. 10000
(Being goods bought into the business)
Cash a/c.... Dr. 10000
To sales a/c. 10000
(Being goods sold for cash).
If this sale amount is taken by Ram and given to his mother., then journal entry is
Drawings a/c.... Dr 10000
To cash. 10000.
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