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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
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
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
1) cash/bank/AR 140
sales 140
2) cash/bank/AR 35
P/Loss A/C 105
Sales 140
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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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.
bank /cash a/c140
to sales 140
bank /cash a/c 35
selling & distributiion exp 105
T o sales 140
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
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
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
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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