What journal entry is to be passed in non-integrated accounting system when finished goods are sold at cost —

CS Executive · Cost and Management Accounting · PYQS · June 2016

(A) Debit General ledger adjustment account and Credit Costing profit and loss account

(B) Debit General ledger adjustment account and Credit Finished goods stock ledger account

(C) Debit Cost of sales account and Credit Costing profit and loss account

(D) Debit Cost of sales account and Credit Finished goods stock ledger control account.

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Cost Accounting System