Journal Entries

02 December 2008

Please suggest me the entry of following transaction

I Purchase 10 Silver Coin from a party and then after i make a contract with another party to put god Statue on the coins.

Reply
Follow
Share

4 Replies

tarun (contractor) (23 Points)
Replied 02 December 2008

(1)gold coin investment a/c/SuppliesA/c Dr To Jeweller/Cash A/c

(2)God Statue ChargesDr To Creditor/CashA/c

(3) gold coin investment/Supplies A/c Dr To God Statue Charges A/c

Nageswar (Self Occupied) (107 Points)
Replied 02 December 2008

Siver coins a/c Dr to Cash A/c or Supplier A/C

Statue A/c Dr to Cash or Creditor A/c

Statue A/c Dr to Siver coins a/c

sanjeev (govt. Emloyee) (565 Points)
Replied 03 December 2008

Siver coins a/c Dr

Cash A/c or Supplier A/C

Statue A/c Dr to Cash or Creditor A/c

Statue A/c Dr to Siver coins a/c

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 03 December 2008

Tarun is correct because you need to capitalise the statue charges

Start a New Discussion