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متابعة

Cost of goods manufactured = 80 Standardized selling price = 140

How you will pass journal entries if i. Goods are sold at standard price that is at140 ii. Goods are sold at35 to promote our product, you can say because of advertising campaign

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تم إضافة السؤال من قبل Fraz Mehmood , Financial Analysis , Alfahim
تاريخ النشر: 2013/09/25
Md Jiyaul Abdula
من قبل Md Jiyaul Abdula , Senior Project Accountant , Gate City Trading and Contracting

    oods sold a/c -80

                   production a/c -80

      Bank a/c140

             Sales a/c140

 

2.  Sells -80

                  Finished goods -80

 

 

Dr  Bank-35

Dr  Advt exp. -105

           Cr Sales                      140

Ahmed Lutfi Abu Rasheed
من قبل Ahmed Lutfi Abu Rasheed , Chife Accountant , Cigalah Trading Est.,

COGS.......     80

        Inventory.........80

 

A/C R OR CASH..............140

          SALES................................140

 

 

PART II

 

A/R OR CASH..................35

         SALES    ............................35

 

BOUNS OR DISCOUANT     45

COGS.......................         35      

  Inventory                                           80

 

faraz khan faraz khan
من قبل faraz khan faraz khan , SENIOR ACCOUNTANT , Saudi Kier Construction Ltd. ( Kier Group UK )

1)  cash/bank/AR    140

 

            sales                  140

 

2)  cash/bank/AR        35

     P/Loss A/C            105

 

            Sales                       140

 

Osama Alia
من قبل Osama Alia , Freelance consultation (Financial Management, Banking) , Freelance CFO

i.                                 Cash        140

                                                   Sales revenue      140

To record cash sales

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or

                                      recievables        140

                                                                Sales revenue    140

To record sales on credit

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                                                    Sales revenue          140         

                                                             Goods available for sale      80

                                                                                  profit on sale      60

to record profit from sale

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ii.                          Cash                    35

            discount on sales            105

                                                   Sales revenue    140

To record cash sales and discount on sales

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or

                  recievables                  35

            discount on sales          105

                                                   Sales revenue    140

To record sales on credit and discount on sales

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                                                    Sales revenue          140         

                                                    loss from sale            45

                                                            Goods available for sale          80   

                                                                discount on sales                105

to record loss from sale

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Suhail Ummer
من قبل Suhail Ummer , Senior Financial Accountant , Design Lounge

i. Finished Goods Stock A/C........Dr.              80

       To  Work in Progress Control A/c.......                80

Cost of sales A/c.........Dr.              80

       To Finished Goods Stock A/C                    80

P & L A/c....Dr              80

    To  Cost of sales......          80

Cash\Bank\Debtors A\C...Dr..140

       To Sales                                          140

 

ii. Finished Goods Stock A/C........Dr.              80

       To  Work in Progress Control A/c.......                80

Cost of Sales A/c.........Dr.              80

       To Finished Goods Stock A/C                    80

P&L A/C........Dr.  80 

     To COS A/c      80

Cash/Bank/Drs A/C......Dr.35

 Advertisement Exp. A/C Dr.105

  To Sales A/C                                      140.

 

manaf almas
من قبل manaf almas , Auditor , DAR AL NUZUM PUBLIC ACCOUNTANTS

bank /cash a/c140

  to sales                      140

 

 

bank /cash a/c                              35

 selling & distributiion exp          105

        T o  sales                                        140                     

Ankit Gupta
من قبل Ankit Gupta , Accounts and Commercial Assistant , Hayat Communication FZCO

Part i.........

a. Cost of sales......................80

            Inventory...................................80

 

b. A/R / Cash...........................140

           Sales.........................................140

 

 

Part ii…..

a. Cost of sales......................35

    Advertising exp…………….45

    Cash / A/R………………….35

            Inventory...................................80

            Sales……………………………..35

 

Goods sold at lower price than cost in respect of advertisement will not be considered as sale

Fraz Mehmood
من قبل Fraz Mehmood , Financial Analysis , Alfahim

What I believe the answer should be

Part i.........

a. Cost of sales......................80

            Inventory...................................80

 

b. A/R / Cash...........................140

           Sales.........................................140

 

 

Part ii.

Cash / A/R.................................35

Advertising exp.........................45

            Inventory...................................80

Goods transferred in respect of advertisement will not be considerred as sale

 

 

Prince Ninan
من قبل Prince Ninan , Audit Executive , Lewis & Pecker

1) Dr Cost of goods sold a/c -80

    Cr Finished goods a/c -80

    Dr  Bank/AR a/c -140

    Cr Sales a/c -140

 

2) Dr Cost of goods sold a/c -80

    Cr Finished goods a/c -80

Dr  Bank/AR a/c -35

Dr  Advt exp a/c -105

Cr Sales a/c140

Dheeraj Bharadwaj
من قبل Dheeraj Bharadwaj , Accountant , Sarvome Home Construction Pvt Ltd

FINISHED GOODS   DEBIT          80

  TO PRODUCTION  A/C                     80

PARTY                   DEBIT            140

  TO SALE A/C                                   140

 

2ND CASE

ADVERTISEMENT                   DEBIT    35

 TO  SALE A/C                                    35

(JOURNAL ENTRY PASS DUE TO LOSS OF COMPANY)

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