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Assets sold on credit are entered in sal...

Assets sold on credit are entered in sales journal.

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Sales journal is employed for recording all the sales done on credit by the business. it's conjointly called Sales Daybook or Sales Journal. The credit sales transactions area unit recorded for under those product that belong to the core business operations of the corporate.
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Correct the following errors in Hari's Books: (i) Credit sale of Rs. 132 to R. Krishan correctly entered in Sales Journal but posted to his account as Rs. 312. (ii) The total of the credit side of Ramesh's Account was overcasted by Rs. 2,000. (iii) Total of the Purchases Journal of Rs. 5,250 has been posted to Purchases Account as Rs. 5,205. (iv) Printer purchased from R. Ltd. for Rs. 4,000 on credit was entered in the Purchases Book. (v) An item of Rs. 2,000 entered in the Sales Return Book was posted to the debit of Pandey who had returned the goods.

Enter the following transactions in sales (journal) book of M/s. Bansal electronics:

Pass the Journal entries to rectify the following errors, using Suspense Account: (i) Goods of the value of Rs. 2,000 returned by Verma were entered in the Sales Book and posted therefrom to the credit of his account. An amount of Rs. 3,000 entered in the Sales Return Book has been posted to the debit of Sharma, who returned the goods. A sale of Rs. 2,000 made to Mohan was correctly entered in the Sales Book but wrongly posted to the debit of Sohan as Rs. 200.

Calculate inventory turnvover ratio in eacch of the following alternative cases: case 1: cash sales 25% of credit slaes, credit sales Rs 300000,, cross profit 20% on revenue form operations i.e net sales , closing inventory Rs 160000, opening inventoryRs 40000. case 2: cash sales 20% of Total sales, credit sales, Rs 450000, Gross profit 25% on soct , opening inventroy Rs 375000, closing inventoryRs 112500.

Following errors are discovered in the books of Sh. Ram Lal. Make the necessary entries to rectify them: (i) Purchases Journal was undercasted by Rs. 2,150. (ii) Rs. 500 received from K. Krishna was debited to his account. (iii) An amount of Rs. 3,000 withdrawn by the proprietor of the firm for his personal use was posted to the Travelling Expenses Account. (iv) An amount of Rs. 175 for a credit sale to R. Gopalan correctly entered in the Sales Book, has been debited to his account as Rs. 157.

Ascertainment Of Credit Sales