JOURNAL ENTRY
This query is : Resolved
22 January 2009
What will be the journal entry of goods given away as charity by the proprietor?
22 January 2009
DR PROPRIETOR CAPTIAL / DRGS A/C
CR TO GOODS / SALES (AT COST)
CR TO GOODS / SALES (AT COST)
23 January 2009
Drawing A/s dr
To goods given as charity
Whatever the propritor take it woul fall within the meaning of drawing .. so there is no chance to account any other accounts.it is wrong if somebody shows as goods given to charity...it is wrong....
secondly it is not sales if we gicven credit to sales it is alos wrong as it is not a sales, we are just giving the goods as charity... it would be deducted from purchase so that gp would be coming down...
To goods given as charity
Whatever the propritor take it woul fall within the meaning of drawing .. so there is no chance to account any other accounts.it is wrong if somebody shows as goods given to charity...it is wrong....
secondly it is not sales if we gicven credit to sales it is alos wrong as it is not a sales, we are just giving the goods as charity... it would be deducted from purchase so that gp would be coming down...
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