Cash sales
This query is : Resolved
30 September 2016
if we made a cash sale and later party paid it by cheque then how we can make a entry for that as if we credit party then it will show credit balance of party....
30 September 2016
Firstly in cash sale there is immediate realisation of funds, to there is no scene of payment by debtors for the same transaction again. If the Debtor wants to show the payment in cheque then u must refund the cash back to the creditors to avoid double payment. In that case u must debit the debtors and credit the cash, by that way ur debtors will stand back again by the same amount, and at the time of payment by cheque u must pass a simple receipt entry in bank.
30 September 2016
will it be appropriate to show this amount as cash deposited in bank....
30 September 2016
No, in sale u can't show cash deposit in bank, its internal matter of organisation, so Debtor can't get involve in it.
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