If Mr A takes goods which would have been sold for R300 and they have a cost price of R120, which entries would he record in his sole trading business? Select one: a. Dr Drawings 300 Cr Sales 300 b. Drawings 120 Cr Stock 120 c. Dr Drawings 300 Cr Stock 300 d. Dr Bank 300 & Cost of Sales 120 Cr Sales 300 & Stock 120

If Mr A takes goods which would have been sold for R300 and they have a cost price of R120, which entries would he record in his sole trading business? Select one: a. Dr Drawings 300 Cr Sales 300 b. Drawings 120 Cr Stock 120 c. Dr Drawings 300 Cr Stock 300 d. Dr Bank 300 & Cost of Sales 120 Cr Sales 300 & Stock 120

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Description: If Mr A takes goods which would have been sold for R300 and they have a cost price of R120, which entries would he recordin his sole trading business? Select one: a. Dr Drawings 300 Cr Sales 300 b. Drawings 120 Cr Stock 120 c. Dr Drawings 300Cr Stoc

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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If Mr A takes goods which would have been sold for R300 and they have a cost price of R120, which entries would he record
in his sole trading business? Select one: a. Dr Drawings 300 Cr Sales 300 b. Drawings 120 Cr Stock 120 c. Dr Drawings 300
Cr Stock 300 d. Dr Bank 300 & Cost of Sales 120 Cr Sales 300 & Stock 120

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