Foundation
Elements Of Book Keeping And Accountancy
Recording And Posting Of Cash Transactions
Question
Which of the following is a cash transaction?
Sold goods
Sold goods to Ram
Sold goods to Ram on credit,
Sold goods to Ram on account.
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Solution
Verified by Zigyan
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.
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