Foundation
Elements Of Book Keeping And Accountancy
Recording And Posting Of Cash Transactions
Nature Of Accounts And Rules Of Debit And Credit
Accounting Equation Effects
Question
Which of the following is a cash transaction?
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Solution
The Journal Entry for the "Sold Goods" transaction will be
Cash a/c Dr.
To Sales a/c
(Being goods sold for cash)
So, Sold goods implies that goods are sold for cash therefore, it is a cash transaction.
Cash a/c Dr.
To Sales a/c
(Being goods sold for cash)
So, Sold goods implies that goods are sold for cash therefore, it is a cash transaction.