Journal entry - A lady has done shopping from a store of 1 lakh but given a gold ring instead of cash worth Rs. 1.5 lakh as she forgot her purse. The shopkeeper have accepted it. So, what will be the journal entry for this transaction and the logic behind it?????
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Doubt regarding a journal Entry
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Receivables a/c 1 lakh
Collateral asset a/c 1.5 lakhs
To sales a/c 1 lakh
To Collateral liability 1.5 lakhs
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