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How are inter departmentaltranfers goods treated in deparmental account?
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What is the journal entry for goods return?
If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx
Is cost of goods sold a nominal account?
yes it is. it is an income statement account
What is the name of the controlling account for the finished goods ledger?
Work in progress account
What is the journal entry for Goods taken away by the proprietor for his personal use Rs 2000?
debit drawings account 2000credit goods account 2000
What type of Account is cost of goods sold?
Cost of goods sold is an expense account that shows up on the income statement. It is subtracted from sales to calculate gross margin.
What is the journal entry for purchasing goods on cash does goods account exist?
Debit goods purchasedCredit cashYes goods account is called "Inventory" account
In accounting what is the rule for entering in the ledger?
Debit an account that has received goods or money; and credit account that has given goods
What is the goods account?
The goods account is a component of a country's balance of payments that records the export and import of tangible goods, such as machinery, vehicles, and electronics. It helps to track the value of goods flowing into and out of a country, providing insights into its trade balance.
What is the journal entry for goods return?
If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx
To purchase goods and services on account is to create what?
The correct answer is - an A/P liability.Accounts payable are liabilities (obligations) created by buying goods or services on account.
Is cost of goods sold a nominal account?
yes it is. it is an income statement account
What is the name of the controlling account for the finished goods ledger?
Work in progress account
When is breach of condition treated as a breach of warranty?
when it is voluntary waiver of his right by buyer and acceptance of goods by buyer then breach of condition is to be treated as breach of warranty.sec.42 deals with acceptance of goods when he intimates to the seller regarding acceptance or retain the goods without rejectingthe goods.in these condition breach of condition is to be treated as breach of warranty.
What is the journal entry for Goods taken away by the proprietor for his personal use Rs 2000?
debit drawings account 2000credit goods account 2000
To purchase goods or services on account is to create?
asset
What type of Account is cost of goods sold?
Cost of goods sold is an expense account that shows up on the income statement. It is subtracted from sales to calculate gross margin.
What are the importance of manufacturing account?
the main purpose for manufacturing account is to determine the cost of goods manufactured
