Analyze the following transactions and pass necessary journal entries: 1. 1st October 2016: Goods sold on credit

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Analyze the following transactions and pass necessary journal entries:

1. 1st October 2016: Goods sold on credit to SM & Sons for ₹ 1,250,000.

2. 1st December 2016: Payment received from SM & Sons by cheque ₹ 500,000.

3. 15th January 2017: It was decided to write off the amount due from SM & Sons.

4. 1st June 2017: Payment received from SM & Sons towards full and final settlement ₹ 300,000.

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Financial Accounting For Managers

ISBN: 9789352868339

3rd Edition

Authors: Sanjay Dhamija

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Question Posted: Dec 05, 2023 03:01 AM

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Analyze the following transactions and pass necessary journal entries: 1. 1st October 2016: Goods sold on credit

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Date Analysis 1st October 2016 Sales nominal and SM Sons personal are the two accounts getting af...View the full answer

Financial Accounting For Managers

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