Entry of credit sales
This query is : Resolved
30 May 2012
we maintain the sales day book and all transaction includes here.i passed the credit sale entry as follow :-
1) cash a/c ... Dr. 100000
to sales a/c 100000
(this entry show all cash and credit transaction, in which credit transaction includes of Rs. 25000.)
2) debtor a/c ... Dr. 25000
to cash a/c 25000
3) cash a/c ... dr. 25000
to debtor a/c 25000
i want to know is these entry is right or wrong and if it is right, is it s per AS-9(revenue recognition)
i need your suggestion as soon as possible.
1) cash a/c ... Dr. 100000
to sales a/c 100000
(this entry show all cash and credit transaction, in which credit transaction includes of Rs. 25000.)
2) debtor a/c ... Dr. 25000
to cash a/c 25000
3) cash a/c ... dr. 25000
to debtor a/c 25000
i want to know is these entry is right or wrong and if it is right, is it s per AS-9(revenue recognition)
i need your suggestion as soon as possible.
30 May 2012
The above entry is wrong....Correct Entry:
Cash A/c Dr 75,000/-
Debtor A/c Dr 25,000/-
To Sales A/c 100,000/-
The cash a/c will be debited only upon the receipt of cash
Cash A/c Dr 75,000/-
Debtor A/c Dr 25,000/-
To Sales A/c 100,000/-
The cash a/c will be debited only upon the receipt of cash
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