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
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
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.
SSGS and Associates
Chennai
CA Inter
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