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Purchase of 100 VGA cards @ Rs.10/- on cash. Sold 600 VGA Cards @ Rs.11/- each on Cash. please tell me what entries should be passed?

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Question added by irfan rana
Date Posted: 2016/09/03
Muhammad Sajid Naeem
by Muhammad Sajid Naeem , Sr. Accounts Officer , Park Lane Hotel

1. VGA Card (Stock A/C) Debit with Rs.1,000/- and Cash A/C Credit With Rs.1,000/-.

2. Cash A/C Debit with Rs.6,600/- and VGA Card (Stock A/C) Credit With Rs.6,600/-

Abdulrahman Abdulrahman
by Abdulrahman Abdulrahman , Credit Officer , Bank of Agriculture

The sales entries should be passed

Mubarak Ibrahim
by Mubarak Ibrahim , Finance Manager , مكتب مرعي العمري محاسبون ومراجعون

  Should be 5 entries 2 debit entries for fixed assets and one   credit for libelties account and one debit for fund account and one credit for check acount for the vendor