Journal entry for selling Mother's saree

Saurav Bhattacharya

258 Points Posted on 01 September 2018

is his mother paid any sum or its simply ram gifted the saree to his mother.

Arun

ASST.ACCOUNTANT

25 Points Posted on 01 September 2018

Question not clear.You have to clearly mention that whether he rcvd some money or not regarding this sale?

Yogesh Tirthani

Student

292 Points Posted on 01 September 2018

Consideriation is passed then treatment will be normal sale & if consideration not passed then it will be treated as gift...!!!!

Harpreet Singh

9 Points Posted on 01 September 2018

Sir please read it carefully. Ram used his mother's saree into business to make a cash sales.

Harpreet Singh

9 Points Posted on 01 September 2018

lets assume he received cash from sale

Jitendra Kumar

75 Points Posted on 01 September 2018

sale to mother or sale of mother's saree ?? clarify

Harpreet Singh

9 Points Posted on 01 September 2018

I think question is very clear. It said that Ram sold his mother'saree into his business nor he sold to his mother.

gopal

future smart stupid

293 Points Posted on 01 September 2018

purchase from mother to sales if mother is paid..

Vinod Babu

24196 Points Posted on 03 September 2018

Purchase a/c... Dr. 10,000
To capital a/c. 10000
(Being goods bought into the business)

Cash a/c.... Dr. 10000
To sales a/c. 10000
(Being goods sold for cash).

If this sale amount is taken by Ram and given to his mother., then journal entry is
Drawings a/c.... Dr 10000
To cash. 10000.