Respected Sirs/Madam
In a Jewellery shop Gold Ornamets are exchanged against sale of new gold Ornaments for their customers. How to show the accounting entries, Please show with some examples.
Regards,
Aravindakumar
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How to maintain purchase of gold from customers ?
Replies (1)
you can rec0rd them as purchases as any other purchases .
Exchange Goods record entry:
Purchases A/c 50
To X A.c 50
Sale Entry:
X A/c 100
To Sales A/c 100
Hence net cash wat ever recived is recorded in bank / cash.
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